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Document and Entity Information Document - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2016	Feb. 08, 2017	Jun. 30, 2016
Document And Entity Information [Abstract]
Entity Registrant Name	FEDERAL REALTY INVESTMENT TRUST
Entity Central Index Key	0000034903
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Amendment Flag	false
Trading Symbol	FRT
Entity Common Stock, Shares Outstanding		72,105,659
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 11.8

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Operating (including $1,226,918 and $1,192,336 of consolidated variable interest entities, respectively)	$ 6,125,957	$ 5,630,771
Construction-in-progress	599,260	433,635
Assets held for sale	33,856	0
Real estate, at cost, total	6,759,073	6,064,406
Less accumulated depreciation and amortization (including $209,239 and $176,057 of consolidated variable interest entities, respectively)	(1,729,234)	(1,574,041)
Net real estate	5,029,839	4,490,365
Cash and cash equivalents	23,368	21,046
Accounts and notes receivable, net	116,749	110,402
Mortgage notes receivable, net	29,904	41,618
Investment in real estate partnerships	14,864	41,546
Prepaid expenses and other assets	208,555	191,582
TOTAL ASSETS	5,423,279	4,896,559
Liabilities
Mortgages payable (including $439,120 and $448,315 of consolidated variable interest entities, respectively)	471,117	481,084
Capital lease obligations	71,590	71,620
Notes payable	279,151	341,961
Senior notes and debentures	1,976,594	1,732,551
Accounts payable and accrued expenses	201,756	146,532
Dividends payable	71,440	66,338
Security deposits payable	16,285	15,439
Other liabilities and deferred credits	115,817	121,787
Total liabilities	3,203,750	2,977,312
Commitments and contingencies (Note 9)
Redeemable noncontrolling interests	143,694	137,316
Shareholders’ equity
Preferred shares, authorized 15,000,000 shares, $.01 par: 5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 399,896 shares issued and outstanding	9,997	9,997
Common shares of beneficial interest, $.01 par, 100,000,000 shares authorized, 71,995,897 and 69,493,392 shares issued and outstanding, respectively	722	696
Additional paid-in capital	2,718,325	2,381,867
Accumulated dividends in excess of net income	(749,734)	(724,701)
Accumulated other comprehensive loss	(2,577)	(4,110)
Total shareholders’ equity of the Trust	1,976,733	1,663,749
Noncontrolling interests	99,102	118,182
Total shareholders’ equity	2,075,835	1,781,931
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 5,423,279	$ 4,896,559

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Operating real estate, consolidated variable interest entities	$ 1,226,918	$ 1,192,336
Accumulated depreciation and amortization, consolidated variable interest entities	209,239	176,057
Mortgages payable, consolidated variable interest entities	$ 439,120	$ 448,315
Preferred shares, authorized	15,000,000	15,000,000
Preferred shares, par value	$ 0.01	$ 0.01
Series 1 Cumulative Convertible Preferred interest rate	5.417%	5.417%
Preferred Shares, 5.417% Series 1 Cumulative Convertible liquidation preference	$ 25	$ 25
Preferred shares, shares issued	399,896	399,896
Preferred shares, shares outstanding	399,896	399,896
Common shares of beneficial interest, par value	$ 0.01
Common shares of beneficial interest, shares authorized	100,000,000	100,000,000
Common shares of beneficial interest, shares issued	71,995,897	69,493,392
Common shares of beneficial interest, shares outstanding	71,995,897	69,493,392

Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
REVENUE
Rental Income	$ 786,583	$ 727,812	$ 666,322
Other property income	11,015	11,810	14,758
Mortgage interest income	3,993	4,390	5,010
Total revenue	801,591	744,012	686,090
EXPENSES
Rental expenses	158,326	147,593	135,417
Real estate taxes	95,286	85,824	76,506
General and administrative	33,399	35,645	32,316
Depreciation and amortization	193,585	174,796	170,814
Total operating expenses	480,596	443,858	415,053
OPERATING INCOME	320,995	300,154	271,037
Other interest income	374	149	94
Interest expense	(94,994)	(92,553)	(93,941)
Early extinguishment of debt	0	(19,072)	(10,545)
Income from real estate partnerships	50	1,416	1,243
INCOME FROM CONTINUING OPERATIONS	226,425	190,094	167,888
Gain on sale of real estate and change in control of interests	32,458	28,330	4,401
Net income	258,883	218,424	172,289
Net income attributable to noncontrolling interests	(8,973)	(8,205)	(7,754)
NET INCOME ATTRIBUTABLE TO THE TRUST	249,910	210,219	164,535
Dividends on preferred shares	(541)	(541)	(541)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS	$ 249,369	$ 209,678	$ 163,994
EARNINGS PER COMMON SHARE, BASIC
Continuing operations	$ 3.07	$ 2.63	$ 2.35
Gain on sale of real estate and change in control of interests, net	0.44	0.41	0.07
EARNINGS PER COMMON SHARE, BASIC	$ 3.51	$ 3.04	$ 2.42
Weighted average common shares outstanding, basic	70,877	68,797	67,322
EARNINGS PER COMMON SHARE, DILUTED
Continuing operations	$ 3.06	$ 2.62	$ 2.34
Gain on sale of real estate and change in control of interests, net	0.44	0.41	0.07
EARNINGS PER COMMON SHARE, DILUTED	$ 3.50	$ 3.03	$ 2.41
Weighted average number of common shares, diluted	71,049	68,981	67,492
Comprehensive Income
Net income	$ 258,883	$ 218,424	$ 172,289
Other comprehensive income (loss) - change in value of interest rate swaps	1,533	(595)	(2,098)
COMPREHENSIVE INCOME	260,416	217,829	170,191
Comprehensive income attributable to noncontrolling interests	(8,973)	(8,205)	(7,754)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST	$ 251,443	$ 209,624	$ 162,437

Consolidated Statement Of Shareholders' Equity - USD ($) $ in Thousands	Total	Preferred Shares	Common shares	Additional Paid-in Capital	Accumulated Dividends in Excess of Net Income	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2013		399,896	66,701,422
Beginning balance at Dec. 31, 2013	$ 1,471,297	$ 9,997	$ 667	$ 2,062,708	$ (623,795)	$ (1,417)	$ 23,137
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, excluding amount attributable to redeemable noncontrolling interests	168,837				164,535		4,302
Other comprehensive income (loss) - change in value of interest rate swaps	(2,098)					(2,098)
Dividends declared to common shareholders	(224,190)				(224,190)
Dividends declared to preferred shareholders	(541)				(541)
Distributions declared to noncontrolling interests	(4,620)						(4,620)
Common shares issued (in shares)			1,768,703
Common shares issued	213,580		$ 18	213,562
Exercise of stock options (in shares)			29,218
Exercise of stock options	$ 2,262		$ 1	2,261
Shares issued under dividend reinvestment plan (in shares)	18,705		18,705
Shares issued under dividend reinvestment plan	$ 2,168			2,168
Share-based compensation expense, net of forfeitures (in shares)			117,647
Share-based compensation expense, net of forfeitures	12,941		$ 1	12,940
Shares withheld for employee taxes (in shares)			(29,912)
Adjustments Related to Tax Withholding for Share-based Compensation				3,335
Shares withheld for employee taxes	(3,335)
Conversion and redemption of OP units	63			49			14
Contributions from noncontrolling interests	65,350						65,350
Adjustment to redeemable noncontrolling interests	(9,032)			(9,032)
Ending balance (in shares) at Dec. 31, 2014		399,896	68,605,783
Ending balance at Dec. 31, 2014	1,692,556	$ 9,997	$ 687	2,281,223	(683,991)	(3,515)	88,155
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, excluding amount attributable to redeemable noncontrolling interests	215,001				210,219		4,782
Other comprehensive income (loss) - change in value of interest rate swaps	(595)					(595)
Dividends declared to common shareholders	(250,388)				(250,388)
Dividends declared to preferred shareholders	(541)				(541)
Distributions declared to noncontrolling interests	(5,269)						(5,269)
Common shares issued (in shares)			813,548
Common shares issued	108,545		$ 8	108,537
Exercise of stock options (in shares)			29,940
Exercise of stock options	$ 1,991			1,991
Shares issued under dividend reinvestment plan (in shares)	16,524		16,524
Shares issued under dividend reinvestment plan	$ 2,296			2,296
Share-based compensation expense, net of forfeitures (in shares)			52,213
Share-based compensation expense, net of forfeitures	12,074		$ 1	12,073
Shares withheld for employee taxes (in shares)			(64,227)
Adjustments Related to Tax Withholding for Share-based Compensation				9,211
Shares withheld for employee taxes	(9,211)
Conversion and redemption of OP units (in shares)			39,611
Conversion and redemption of OP units	151			4,072			4,223
Contributions from noncontrolling interests	34,737						34,737
Adjustment to redeemable noncontrolling interests	(19,114)			(19,114)
Ending balance (in shares) at Dec. 31, 2015		399,896	69,493,392
Ending balance at Dec. 31, 2015	1,781,931	$ 9,997	$ 696	2,381,867	(724,701)	(4,110)	118,182
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income, excluding amount attributable to redeemable noncontrolling interests	256,170				249,910		6,260
Other comprehensive income (loss) - change in value of interest rate swaps	1,533					1,533
Dividends declared to common shareholders	(274,402)				(274,402)
Dividends declared to preferred shareholders	(541)				(541)
Distributions declared to noncontrolling interests	(7,546)						(7,546)
Common shares issued (in shares)			2,156,671
Common shares issued	$ 324,191		$ 21	324,170
Exercise of stock options (in shares)	55,365		55,365
Exercise of stock options	$ 4,542		$ 1	4,541
Shares issued under dividend reinvestment plan (in shares)	15,619		15,619
Shares issued under dividend reinvestment plan	$ 2,387			2,387
Share-based compensation expense, net of forfeitures (in shares)			134,913
Share-based compensation expense, net of forfeitures	11,227		$ 2	11,225
Shares withheld for employee taxes (in shares)			(30,671)
Adjustments Related to Tax Withholding for Share-based Compensation				4,451
Shares withheld for employee taxes	(4,451)
Conversion and redemption of OP units (in shares)			170,608
Conversion and redemption of OP units	0		$ 2	18,677			18,679
Contributions from noncontrolling interests	885						885
Adjustment to redeemable noncontrolling interests	(20,091)			(20,091)
Ending balance (in shares) at Dec. 31, 2016		399,896	71,995,897
Ending balance at Dec. 31, 2016	$ 2,075,835	$ 9,997	$ 722	$ 2,718,325	$ (749,734)	$ (2,577)	$ 99,102

Consolidated Statement Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Stockholders' Equity [Abstract]
Amounts attributable to redeemable noncontrolling interest	$ 2,713	$ 3,423	$ 3,452

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
OPERATING ACTIVITIES
Net income	$ 258,883	$ 218,424	$ 172,289
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	193,585	174,796	170,814
Gain on sale of real estate and change in control of interests	32,458	28,330	4,401
Early extinguishment of debt	0	19,072	10,545
Income from real estate partnerships	50	1,416	1,243
Other, net	(89)	177	733
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Decrease (increase) in accounts receivable, net	1,868	(9,200)	(3,063)
Increase in prepaid expenses and other assets	(5,241)	(7,422)	(4,222)
Increase (decrease) in accounts payable and accrued expenses	4,759	(9,995)	4,253
(Decrease) increase in security deposits and other liabilities	(2,003)	3,729	425
Net cash provided by operating activities	419,254	359,835	346,130
INVESTING ACTIVITIES
Acquisition of real estate	(142,958)	(154,313)	(9,154)
Capital expenditures - development and redevelopment	(379,720)	(236,437)	(314,654)
Capital expenditures - other	(57,560)	(46,096)	(46,304)
Proceeds from sale of real estate	0	97,422	10,406
Investment in real estate partnerships	(7,220)	(2,802)	(6,731)
Distribution from real estate partnership in excess of earnings	3,910	512	565
Leasing costs	(18,299)	(22,382)	(35,286)
Repayment of mortgage and other notes receivable, net	11,626	10,333	5,008
Net cash used in investing activities	(590,221)	(353,763)	(396,150)
FINANCING ACTIVITIES
Net (repayments) borrowings under revolving credit facility, net of costs	(56,916)	53,500	0
Issuance of senior notes, net of costs	241,795	456,151	244,579
Redemption and retirement of senior notes	0	(219,228)	(134,240)
Repayment of mortgages, capital leases, notes, and other payables	(49,559)	(181,315)	(94,422)
Issuance of common shares, net of costs	329,103	110,855	216,155
Dividends paid to common and preferred shareholders	(267,694)	(243,314)	(215,216)
Distributions to and redemptions of noncontrolling interests	(10,422)	(9,626)	(7,812)
Redemption of redeemable noncontrolling interests	13,018	0	0
Net cash provided by (used in) financing activities	173,289	(32,977)	9,044
Increase (decrease) in cash and cash equivalents	2,322	(26,905)	(40,976)
Cash and cash equivalents at beginning of year	21,046	47,951	88,927
Cash and cash equivalents at end of year	$ 23,368	$ 21,046	$ 47,951

Business And Organization	12 Months Ended
Business And Organization	Dec. 31, 2016
Nature Of Operations [Abstract]
BUSINESS AND ORGANIZATION	BUSINESS AND ORGANIZATION Federal Realty Investment Trust (the “Trust”) is an equity real estate investment trust (“REIT”) specializing in the ownership, management, and redevelopment of retail and mixed-use properties. Our properties are located primarily in densely populated and affluent communities in strategically selected metropolitan markets in the Mid-Atlantic and Northeast regions of the United States, California, and South Florida. As of December 31, 2016, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 96 predominantly retail real estate projects. We operate in a manner intended to enable us to qualify as a REIT for federal income tax purposes. A REIT that distributes at least 90% of its taxable income to its shareholders each year and meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders.

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

Our consolidated financial statements include the accounts of the Trust, its corporate subsidiaries, and all entities in which the Trust has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity (“VIE”). The equity interests of other investors are reflected as noncontrolling interests or redeemable noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. We account for our interests in joint ventures, which we do not control, using the equity method of accounting. Certain 2015 amounts have been reclassified to conform to current period presentation.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.

Revenue Recognition and Accounts Receivable

Our leases with tenants are classified as operating leases. Substantially all such leases contain fixed escalations which occur at specified times during the term of the lease. Base rents are recognized on a straight-line basis from when the tenant controls the space through the term of the related lease, net of valuation adjustments, based on management’s assessment of credit, collection and other business risk. Percentage rents, which represent additional rents based upon the level of sales achieved by certain tenants, are recognized at the end of the lease year or earlier if we have determined the required sales level is achieved and the percentage rents are collectible. Real estate tax and other cost reimbursements are recognized on an accrual basis over the periods in which the related expenditures are incurred. For a tenant to terminate its lease agreement prior to the end of the agreed term, we may require that they pay a fee to cancel the lease agreement. Lease termination fees for which the tenant has relinquished control of the space are generally recognized on the termination date. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement.

We make estimates of the collectability of our accounts receivable related to minimum rents, straight-line rents, expense reimbursements and other revenue. Accounts receivable is carried net of this allowance for doubtful accounts. Our determination as to the collectability of accounts receivable and correspondingly, the adequacy of this allowance, is based primarily upon evaluations of individual receivables, current economic conditions, historical experience and other relevant factors. The allowance for doubtful accounts is increased or decreased through bad debt expense. Accounts receivable are written-off when they are deemed to be uncollectible and we are no longer actively pursuing collection. At December 31, 2016 and 2015, our allowance for doubtful accounts was $11.9 million and $11.7 million, respectively.

In some cases, primarily relating to straight-line rents, the collection of accounts receivable extends beyond one year. Our experience relative to unbilled straight-line rents is that a portion of the amounts otherwise recognizable as revenue is never billed to or collected from tenants due to early lease terminations, lease modifications, bankruptcies and other factors. Accordingly, the extended collection period for straight-line rents along with our evaluation of tenant credit risk may result in the nonrecognition of a portion of straight-line rental income until the collection of such income is reasonably assured. If our evaluation of tenant credit risk changes indicating more straight-line revenue is reasonably collectible than previously estimated and realized, the additional straight-line rental income is recognized as revenue. If our evaluation of tenant credit risk changes indicating a portion of realized straight-line rental income is no longer collectible, a reserve and bad debt expense is recorded. At December 31, 2016 and 2015, accounts receivable include approximately $80.6 million and $72.7 million, respectively, related to straight-line rents.

Real Estate

Land, buildings and improvements are recorded at cost. Depreciation is computed using the straight-line method. Estimated useful lives range generally from 35 years to a maximum of 50 years on buildings and major improvements. Minor improvements, furniture and equipment are capitalized and depreciated over useful lives ranging from 2 to 20 years. Maintenance and repairs that do not improve or extend the useful lives of the related assets are charged to operations as incurred. Tenant improvements are capitalized and depreciated over the life of the related lease or their estimated useful life, whichever is shorter. If a tenant vacates its space prior to contractual termination of its lease, the undepreciated balance of any tenant improvements are written off if they are replaced or have no future value. In 2016, 2015 and 2014, real estate depreciation expense was $173.2 million, $156.5 million and $155.7 million, respectively, including amounts from real estate sold and assets under capital lease obligations.

Sales of real estate are recognized only when sufficient down payments have been obtained, possession and other attributes of ownership have been transferred to the buyer and we have no significant continuing involvement. The application of these criteria can be complex and requires us to make assumptions. We believe these criteria were met for all real estate sold during the periods presented.

Our methodology of allocating the cost of acquisitions to assets acquired and liabilities assumed is based on estimated fair values, replacement cost and/or appraised values. When we acquire operating real estate properties, the purchase price is allocated to land, building, improvements, leasing costs, intangibles such as in-place leases, assumed debt, if any, and to current assets and liabilities acquired, if any. The value allocated to in-place leases is amortized over the related lease term and reflected as rental income in the consolidated statements of comprehensive income. We consider qualitative and quantitative factors in evaluating the likelihood of a tenant exercising a below market renewal option and include such renewal options in the calculation of in-place lease value when we consider these to be bargain renewal options. If the value of below market lease intangibles includes renewal option periods, we include such renewal periods in the amortization period utilized. If a tenant vacates its space prior to contractual termination of its lease, the unamortized balance of any in-place lease value is written off to rental income.

Transaction costs related to the acquisition of a business, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, are expensed as incurred and included in “general and administrative expenses” in our consolidated statements of comprehensive income. The acquisition of an operating shopping center typically qualifies as a business. For asset acquisitions not meeting the definition of a business, transaction costs are capitalized as part of the acquisition cost. See "Recently Issued Accounting Pronouncements" for further discussion.

When applicable, as lessee, we classify our leases of land and building as operating or capital leases. We are required to use judgment and make estimates in determining the lease term, the estimated economic life of the property and the interest rate to be used in determining whether or not the lease meets the qualification of a capital lease and is recorded as an asset.

We capitalize certain costs related to the development and redevelopment of real estate including pre-construction costs, real estate taxes, insurance, construction costs and salaries and related costs of personnel directly involved. Additionally, we capitalize interest costs related to development and redevelopment activities. Capitalization of these costs begin when the activities and related expenditures commence and cease when the project is substantially complete and ready for its intended use at which time the project is placed in service and depreciation commences. Additionally, we make estimates as to the probability of certain development and redevelopment projects being completed. If we determine the development or redevelopment is no longer probable of completion, we expense all capitalized costs which are not recoverable.

We review for impairment on a property by property basis. Impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount at which time the property is written-down to fair value. Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell.

Cash and Cash Equivalents

We define cash and cash equivalents as cash on hand, demand deposits with financial institutions and short term liquid investments with an initial maturity, when purchased, under three months. Cash balances in individual banks may exceed the federally insured limit by the Federal Deposit Insurance Corporation (the “FDIC”). At December 31, 2016, we had $19.7 million in excess of the FDIC insured limit.

Prepaid Expenses and Other Assets

Prepaid expenses and other assets consist primarily of lease costs, prepaid property taxes and acquired above market leases. Capitalized lease costs are direct costs incurred which were essential to originate a lease and would not have been incurred had the leasing transaction not taken place and include third party commissions and salaries and related costs of personnel directly related to time spent obtaining a lease. Capitalized lease costs are amortized over the life of the related lease. If a tenant vacates its space prior to the contractual termination of its lease, the unamortized balance of any previously capitalized lease costs are written off.

Debt Issuance Costs

Costs related to the issuance of debt instruments are deferred and are amortized as interest expense over the estimated life of the related issue using the straight-line method which approximates the effective interest method. If a debt instrument is paid off prior to its original maturity date, the unamortized balance of debt issuance costs are written off to interest expense or, if significant, included in “early extinguishment of debt.” Effective January 1, 2016, we adopted ASU 2015-03 "Simplifying the Presentation of Debt Issuance Costs," and ASU 2015-15 "Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements," which impacts the balance sheet presentation of debt issuance costs. See "Recently Adopted Accounting Pronouncements" for further discussion.

Derivative Instruments

At times, we may use derivative instruments to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage our exposure to variable interest rate risk and treasury locks to manage the risk of interest rates rising prior to the issuance of debt. We enter into derivative instruments that qualify as cash flow hedges and do not enter into derivative instruments for speculative purposes.

The interest rate swaps associated with our cash flow hedges are recorded at fair value on a recurring basis. We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive loss and is subsequently reclassified into interest expense as interest is incurred on the related variable rate debt; within the next twelve months, we expect to reclassify an estimated $2.1 million as an increase to interest expense. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and LIBOR rate. In addition, we evaluate the default risk of the counterparty by monitoring the credit worthiness of the counterparty. When ineffectiveness exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected. Hedge ineffectiveness did not impact earnings in 2016, 2015 or 2014, and we do not anticipate it will have a significant effect in the future.

See Note 8 for additional disclosures relating to our two existing interest rate swap agreements.

Mortgage Notes Receivable

We have made certain mortgage loans that, because of their nature, qualify as loan receivables. At the time the loans were made, we did not intend for the arrangement to be anything other than a financing and did not contemplate a real estate investment. We evaluate each investment to determine whether the loan arrangement qualifies as a loan, joint venture or real estate investment and the appropriate accounting thereon. Such determination affects our balance sheet classification of these investments and the recognition of interest income derived therefrom. We receive additional interest, however, we never receive in excess of 50% of the residual profit in the project, and because the borrower has either a substantial investment in the project or has guaranteed all or a portion of our loan (or a combination thereof), the loans qualify for loan accounting. The amounts under these arrangements are presented as mortgage notes receivable at December 31, 2016 and 2015.

Mortgage notes receivable are recorded at cost, net of any valuation adjustments. Interest income is accrued as earned. Mortgage notes receivable are considered past due based on the contractual terms of the note agreement. On a quarterly basis, we evaluate the collectability of each mortgage note receivable based on various factors which may include payment history, expected fair value of the collateral securing the loan, internal and external credit information and/or economic trends. A loan is considered impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due under the existing contractual terms. When a loan is considered impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the mortgage note receivable to the present value of expected future cash flows. Since our loans are collateralized by a first mortgage, the loans have risk characteristics similar to the risks in owning commercial real estate.

Share Based Compensation

We grant share based compensation awards to employees and trustees typically in the form of restricted common shares, common shares, and options. We measure stock based compensation expense based on the grant date fair value of the award and recognize the expense ratably over the requisite service period, which is typically the vesting period. See Note 14 for further discussion regarding our share based compensation plans and policies.

Variable Interest Entities

Effective January 1, 2016, we adopted ASU 2015-02, "Amendments to the Consolidation Analysis," as further discussed in "Recently Adopted Accounting Pronouncements." Certain entities that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or in which equity investors do not have the characteristics of a controlling financial interest qualify as VIEs. VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE has both the power to direct the activities that most significantly impact economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.

We have evaluated our investments in shopping center related ventures and identified 14 entities that meet the criteria of a VIE in which we hold a variable interest (including 10 entities newly deemed to be a VIE under ASU 2015-02, effective January 1, 2016). For each of these entities we control the significant operating decisions and consequently have the power to direct the activities that most significantly impact the economic performance of the entities. As we also have the obligation to absorb the majority of the losses and/or the right to receive a majority of the benefits for each of these entities, all are consolidated in our financial statements. As of December 31, 2016, net real estate assets and mortgage payables related to variable interest entities included in our consolidated balance sheet are approximately $1.0 billion and $439.1 million, respectively.

In addition, our equity method investment in the Pike & Rose hotel joint venture is now considered a variable interest in a VIE under ASU 2015- 02 effective January 1, 2016. As we do not control the activities that most significantly impact the economic performance of the joint venture, we are not the primary beneficiary and do not consolidate. As of December 31, 2016 our investment in the joint venture and maximum exposure to loss was $13.5 million, which is our total required contribution to complete construction of the hotel.

We have also evaluated our mortgage notes receivable investments and determined that the entities obligated under the mortgage notes are not VIEs. Our equity method investment and mortgage notes receivable balances are presented separately in our consolidated balance sheets.

Redeemable Noncontrolling Interests

We have certain noncontrolling interests that are redeemable for cash upon the occurrence of an event that is not solely in our control and therefore are classified outside of permanent equity. We adjust the carrying amounts of these noncontrolling interests that are currently redeemable to redemption value at the balance sheet date. Adjustments to the carrying amount to reflect changes in redemption value are recorded as adjustments to additional paid-in capital in shareholders' equity. These amounts are classified within the mezzanine section of the consolidated balance sheets.

The following table provides a rollforward of the redeemable noncontrolling interests:



	Year Ended
	December 31,
	2016			2015
	(In thousands)
Beginning balance	$	137,316		$	119,053
Net income	2,713			3,423
Distributions & Redemptions	(16,426		)	(4,286		)
Contributions	—			12
Change in redemption value	20,091			19,114
Ending balance	$	143,694		$	137,316

On February 12, 2016, we acquired the 10% noncontrolling interest in the partnership that owns our Hollywood Blvd project for $13.0 million, bringing our ownership interest to 100%.

Income Taxes

We operate in a manner intended to enable us to qualify as a REIT for federal income tax purposes. A REIT that distributes at least 90% of its taxable income to its shareholders each year and meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. Therefore, federal income taxes on our taxable income have been and are generally expected to be immaterial. We are obligated to pay state taxes, generally consisting of franchise or gross receipts taxes in certain states. Such state taxes also have not been material.

We have elected to treat certain of our subsidiaries as taxable REIT subsidiaries, which we refer to as a TRS. In general, a TRS may engage in any real estate business and certain non-real estate businesses, subject to certain limitations under the Internal Revenue Code of 1986, as amended (the “Code”). A TRS is subject to federal and state income taxes. Our TRS activities have not been material.

With few exceptions, we are no longer subject to U.S. federal, state, and local tax examinations by tax authorities for years before 2012. As of December 31, 2016 and 2015, we had no material unrecognized tax benefits. While we currently have no material unrecognized tax benefits, as a policy, we recognize penalties and interest accrued related to unrecognized tax benefits as income tax expense.

Segment Information

Our primary business is the ownership, management, and redevelopment of retail and mixed-use properties. We review operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. We evaluate financial performance using property operating income, which consists of rental income, other property income and mortgage interest income, less rental expenses and real estate taxes. No individual property constitutes more than 10% of our revenues or property operating income and we have no operations outside of the United States of America. Therefore, we have aggregated our properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in major metropolitan areas, and have similar tenant mixes.

Recently Adopted Accounting Pronouncements

In February 2015, the FASB issued ASU 2015-02, which modifies the evaluation of whether limited partnerships and similar legal entities are variable or voting interest entities, eliminates the presumption that the general partner should consolidate a limited partnership, modifies the consolidation analysis for reporting entities that are involved in variable interest entities, particularly those that have fee arrangements and related party relationships, and provides a scope exception from consolidation guidance for reporting entities with interests in legal entities that operate as registered money market funds. We adopted the standard effective January 1, 2016, and as a result, partnerships controlling ten properties (previously consolidated as voting interest entities) are now considered to be variable interest entities. As we have the obligation to absorb losses and the right to receive benefits and control the activities that most significantly impact the economic performance of these entities, we are the primary beneficiary and we will continue to consolidate each of these entities. Net real estate assets of $566.1 million and mortgage payables of $194.9 million were included in our consolidated balance sheet at January 1, 2016 for these newly classified variable interest entities. In addition, our equity method investment in the Pike & Rose hotel joint venture is now considered a variable interest in a variable interest entity. As we do not control the activities that most significantly impact the economic performance of the joint venture, we are not the primary beneficiary and do not consolidate. Our investment in the joint venture was $6.6 million at January 1, 2016, and our maximum exposure to loss is approximately $13.5 million.

In April 2015, the FASB issued ASU 2015-03, which requires debt issuance costs related to a debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, rather than classified as an asset. Recognition and measurement of debt issuance costs are not affected. Subsequently, in August 2015, the FASB issued ASU 2015-15, which allows an entity to present the costs related to securing a line-of credit arrangement as an asset, regardless of whether there are any outstanding borrowings. We adopted the standards effective January 1, 2016 and have adjusted our balance sheet presentation in both periods to reflect the net debt issuance costs as a reduction of the respective liability. The adoption resulted in a $15.2 million decrease to total assets and liabilities at December 31, 2015, for this reclassification. Debt issuance costs related to our revolving credit facility continue to be classified as an asset and are included in "prepaids and other assets" in our consolidated balance sheets.

Recently Issued Accounting Pronouncements

In May 2014, the the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." ASU 2014-09 supersedes nearly all existing revenue recognition guidance under GAAP and replaces it with a core revenue recognition principle, that an entity will recognize revenue when it transfers control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, and creates a five-step model for revenue recognition in accordance with this principle. ASU 2014-09 also requires new disclosures in both interim and annual reporting periods. The guidance in ASU 2014-09 does not apply to contracts within the scope of ASC 840, Leases. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date of ASU 2014-09 to the first quarter of 2018. In March 2016, April 2016, May 2016, and December 2016, the FASB issued ASU 2016-08, ASU 2016-10, ASU 2016-12, and ASU 2016-20, respectively, as clarifications to ASU 2014-09. ASU 2016-08 clarifies how to identify the unit of accounting for the principal versus agent evaluation, how to apply the control principle to certain types of arrangements, such as service transactions, and reframed the indicators in the guidance to focus on evidence that an entity is acting as a principal rather than as an agent. ASU 2016-10 clarifies the existing guidance on identifying performance obligations and licensing implementation. ASU 2016-12 adds practical expedients related to the transition for contract modifications and further defines a completed contract, clarifies the objective of the collectability assessment and how revenue is recognized if collectability is not probable, and when non-cash considerations should be measured. ASU 2016-20 corrects or improves guidance in thirteen narrow focus aspects of the guidance. ASU 2014-09, including all of the various ASUs noted above clarifying the revenue recognition guidance, are effective for us in the first quarter of 2018. While we are still completing the assessment of the impact of this standard to our consolidated financial statements, we believe the majority of our revenue falls outside of the scope of this guidance.We intend to implement the standard retrospectively with the cumulative effect recognized in retained earnings at the date of initial application.

In February 2016, the FASB issued ASU 2016-02, "Leases." ASU 2016-02 significantly changes the accounting for leases by requiring lessees to recognize assets and liabilities for leases greater than 12 months on their balance sheet. The lessor model stays substantially the same; however, there were modifications to conform lessor accounting with the lessee model, eliminate real estate specific guidance, further define certain lease and non-lease components, and change the definition of initial direct costs of leases requiring significantly more leasing related costs to be expensed upfront. ASU 2016-02 is effective for us in the first quarter of 2019, and we are currently assessing the impact of this standard to our consolidated financial statements.

In March 2016, the FASB issued ASU 2016-09, "Compensation - Stock Compensation." ASU 2016-09 simplifies the accounting for share-based payment transactions, including a policy election option with respect to accounting for forfeitures either as they occur or estimating forfeitures (as is currently required), as well as increasing the amount an employer can withhold to cover income taxes on equity awards. ASU 2016-09 is effective for us in the first quarter of 2017. We plan on accounting for forfeitures as they occur, and we do not expect the adoption will have a material effect on our financial position or results of operations.

In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses." ASU 2016-13 changes the impairment model for most financial assets and certain other instruments, requiring the use of an "expected credit loss" model and adding more disclosure requirements. ASU 2016-13 is effective for us in the first quarter of 2020, and we are currently assessing the impact of this standard to our consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments." ASU 2016-15 provides classification guidance for eight specific topics including debt extinguishment costs, contingent consideration payments made after a business combination, and distributions received from equity method investees. ASU 2016-15 is effective for us in the first quarter of 2018, and we are currently assessing the impact of this standard to our consolidated financial statements.

In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows - Restricted Cash." ASU 2016-18 requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or cash equivalents. Therefore, amounts generally described as restricted cash and equivalents should be included with cash and cash equivalents when reconciling the beginning and end of period total amounts on the statement of cash flows. Currently, there is no specific guidance to address how to classify or present these changes. ASU 2016-18 is effective for us in the first quarter of 2018, and we are currently assessing the impact of this standard to our consolidated financial statements.

In January 2017, the FASB issued ASU 2017-01, "Clarifying the Definition of a Business." ASU 2017-01 changes the definition of a business to exclude acquisitions where substantially all of the fair value of the assets acquired are concentrated in a single identifiable asset or a group of similar identifiable assets. Given this change in definition, we believe most of our shopping center acquisitions will no longer be considered business combinations but rather asset acquisitions. While there are various differences between the accounting for an asset acquisition and a business combination, we expect the largest impact will be that transaction costs are capitalized for asset acquisitions rather than currently expensed when they are considered business combinations. Based on acquisitions in the past several years, transactions costs for a single shopping center acquisition have typically ranged from $0.2 to $2.4 million with significantly higher transaction costs expected for an acquisition of a larger portfolio. The new guidance will be applied prospectively to any transactions occurring in the period of adoption. ASU 2017-01 is effective January 1, 2019, however, we expect to early adopt this standard in 2017.

Consolidated Statements of Cash Flows—Supplemental Disclosures

The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows:



	Year Ended December 31,
	2016			2015			2014
	(In thousands)
SUPPLEMENTAL DISCLOSURES:
Total interest costs incurred	$	113,016		$	110,675		$	114,912
Interest capitalized	(18,022		)	(18,122		)	(20,971		)
Interest expense	$	94,994		$	92,553		$	93,941
Cash paid for interest, net of amounts capitalized	$	90,185		$	116,335		$	100,011
Cash paid for income taxes	$	296		$	274		$	278
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Mortgage loans assumed with acquisition	$	34,385		$	89,516		$	68,282
DownREIT operating partnership units redeemed for common shares	$	18,679		$	4,114		$	—
DownREIT operating partnership units issued with acquisition	$	—		$	7,742		$	65,348
Mortgage loans refinanced	$	—		$	—		$	64,205
Repayment of note payable with public funding/related construction-in-progress offset	$	—		$	—		$	10,000
Shares issued under dividend reinvestment plan	$	2,017		$	1,977		$	1,855

See Note 3 for additional disclosures relating to the Clarion Partners, San Antonio Center, CocoWalk, and The Shops at Sunset Place acquisitions.

Capitalized lease costs are direct costs incurred which were essential to originate a lease and would not have been incurred had the leasing transaction not taken place. These costs include third party commissions and salaries and personnel costs related to obtaining a lease. Capitalized lease costs are amortized over the initial term of the related lease which generally ranges from three to ten years. We view these lease costs as part of the up-front initial investment we made in order to generate a long-term cash inflow and therefore, we classify cash outflows related to leasing costs as an investing activity in our consolidated statements of cash flows.

Real Estate

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

REAL ESTATE

A summary of our real estate investments and related encumbrances is as follows:



	Cost		Accumulated Depreciation and Amortization			Encumbrances
	(In thousands)
December 31, 2016
Retail and mixed-use properties	$	6,621,170	$	(1,677,938	)	$	449,896
Retail properties under capital leases	127,359		(42,308		)	71,590
Residential	10,544		(8,988		)	21,221
	$	6,759,073	$	(1,729,234	)	$	542,707
December 31, 2015
Retail and mixed-use properties	$	5,929,569	$	(1,526,934	)	$	459,454
Retail properties under capital leases	124,590		(38,509		)	71,620
Residential	10,247		(8,598		)	21,630
	$	6,064,406	$	(1,574,041	)	$	552,704

Retail and mixed-use properties includes the residential portion of Santana Row, Bethesda Row, Pike & Rose, Congressional Plaza and Chelsea Commons. The residential property investment is our investment in Rollingwood Apartments.

2016 Property Acquisitions and Disposition

On January 13, 2016, we acquired our partner's 70% interest in our joint venture arrangement (the "Partnership") with affiliates of a discretionary fund created and advised by Clarion Partners ("Clarion") for $153.7 million, which included the payment of $130.0 million of cash and the assumption of mortgage loans totaling $34.4 million. As a result of the transaction, we gained control of the six underlying properties, and effective January 13, 2016, have consolidated the properties. We also recognized a gain on acquisition of the controlling interest of $25.7 million related to the difference between the carrying value and fair value of the previously held equity interest. Approximately $7.3 million and $4.9 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively. We incurred $0.2 million of acquisition costs, of which $0.1 million were incurred in 2016, and included in "general and administrative expenses" on the consolidated statements of comprehensive income in 2016 and 2015.

On May 12, 2016, an unconsolidated joint venture that we hold an interest in sold a building in Coconut Grove, Florida. Our share of the gain, net of noncontrolling interests, was $0.5 million.

On July 26, 2016, we acquired an additional building in the Coconut Grove neighborhood of Miami, Florida for $5.9 million through our CocoWalk LLC entity. We incurred $0.2 million in acquisition costs which are included in "general and administrative expenses" in 2016.

On November 7, 2016, we acquired a building adjacent to our Barcroft Plaza property for $5.3 million, and incurred $0.1 million of acquisition costs which are included in "general and administrative expenses" in 2016.

2015 Significant Property Acquisitions and Dispositions

In January 2015, we acquired a controlling interest in San Antonio Center, a 376,000 square foot shopping center in Mountain View, California based on a total value of $62.2 million. Our effective interest approximates 80% and was funded by the assumption of our share of $18.7 million of mortgage debt, 58,000 downREIT operating partnership units, and $27 million of cash. A portion of the land is controlled under a long-term ground lease. Approximately $8.1 million of assets acquired were allocated to lease intangibles and included within other assets. Approximately $19.1 million was allocated to lease intangibles primarily related to "below market leases," and is included within other liabilities. Additionally, $16.3 million was allocated to noncontrolling interests. We incurred $1.8 million of acquisition costs, of which $1.1 million were incurred in 2015, and included in "general and administrative expense" in 2015 and 2014.

On February 25, 2015, we acquired the interest of one of the noncontrolling interest holders in The Grove at Shrewsbury for $8.8 million. As this noncontrolling interest was mandatorily redeemable, it was classified as a liability until it was settled in February 2015.

On April 24, 2015, we sold our Houston Street property in San Antonio, Texas for a sales price of $46.1 million, resulting in a gain of $11.5 million.

On May 4, 2015, we acquired CocoWalk, a 198,000 square foot retail property located in the Coconut Grove neighborhood of Miami, Florida for $87.5 million. The acquisition was completed through a newly formed entity ("CocoWalk LLC") for which we own a preferred interest and an 80% common interest. Approximately $1.5 million and $4.3 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively. Additionally, approximately $6.9 million was allocated to noncontrolling interests. On July 1, 2015 and December 16, 2015, we acquired partial interests in eight buildings in the Coconut Grove neighborhood of Miami, Florida for $7.8 million through our CocoWalk LLC entity. In total, we incurred $1.1 million in acquisition costs which are included in "general and administrative expenses" in 2015.

On July 8, 2015 we acquired a parcel of land adjacent to our Pike 7 Plaza property for $5.0 million.

On October 1, 2015, we acquired The Shops at Sunset Place, a 515,000 square foot mixed-use property located in South Miami, Florida based on a gross value of $110.2 million. The acquisition was completed through a newly formed entity for which we own an 85% interest. Approximately $4.8 million and $6.6 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively. Additionally, approximately $6.3 million was allocated to noncontrolling interests. We incurred $0.9 million of acquisition costs, which are included in "general and administrative expenses" in 2015. The transaction includes the assumption of an existing $70.8 million mortgage loan.

On November 19, 2015, we sold our Courtyard Shops property in Wellington, Florida for a sales price of $52.8 million, resulting in a gain of $16.8 million.

Assets held for sale

We lease three parcels of land at our Assembly Row property to two ground lessees. During 2016, both lessees exercised purchase options under the related ground leases. We expect the related sale transactions to close in 2017. The total cost basis of the related land is $33.9 million and is included in "assets held for sale" on our consolidated balance sheet as of December 31, 2016.

Mortgage Notes Receivable	12 Months Ended
Mortgage Notes Receivable	Dec. 31, 2016
Mortgage Notes Receivable [Abstract]
MORTGAGE NOTES RECEIVABLE	MORTGAGE NOTES RECEIVABLE At December 31, 2016 and 2015, we had two and three mortgage notes receivable, respectively, with aggregate carrying amounts of $29.9 million and $41.6 million, respectively, and a weighted average interest rate of 9.9% and 9.0%, respectively. The loans were secured by first mortgages on retail buildings. Under the terms of the two remaining mortgages, we receive additional interest based upon the gross income of the secured properties and upon sale, share in the appreciation of the properties.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Real Estate Partnerships

12 Months Ended

Dec. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

REAL ESTATE PARTNERSHIPS

As of December 31, 2015, we had a joint venture arrangement (the “Partnership”) with affiliates of a discretionary fund created and advised by Clarion Partners (“Clarion”). We owned 30% of the equity in the Partnership and Clarion owned 70%. We held a general partnership interest, however, Clarion also held a general partnership interest and had substantive participating rights. We could not make significant decisions without Clarion’s approval. Accordingly, we accounted for our interest in the Partnership using the equity method. As of December 31, 2015, the Partnership owned six retail real estate properties. We were the manager of the Partnership and its properties, earning fees for acquisitions, dispositions, management, leasing, and financing. Intercompany profit generated from fees was eliminated in consolidation. We also had the opportunity to receive performance-based earnings through our Partnership interest. Accounting policies for the Partnership were similar to accounting policies followed by the Trust. On January 13, 2016, we acquired Clarion's 70% interest in the partnership, as further discussed in Note 3.

The following tables provide summarized operating results and the financial position of the Partnership:



	Year Ended December 31,
	2015		2014

OPERATING RESULTS
Revenue	$	17,405	$	18,329
Expenses
Other operating expenses	5,992		5,948
Depreciation and amortization	4,974		5,678
Interest expense	2,062		2,759
Total expenses	13,028		14,385
Net income before gain on sale of real estate	4,377		3,944
Gain on sale of real estate	—		14,507
Net income	$	4,377	$	18,451
Our share of net income from real estate partnership before gain on sale of real estate	$	1,557	$	1,423
Our share of gain on sale of real estate	$	—	$	4,401



	December 31,
	2015
	(In thousands)
BALANCE SHEETS
Real estate, net	$	146,906
Cash	2,690
Other assets	5,495
Total assets	$	155,091
Mortgages payable	$	34,385
Other liabilities	3,554
Partners’ capital	117,152
Total liabilities and partners’ capital	$	155,091
Our share of unconsolidated debt	$	10,316
Our investment in real estate partnership	$	31,745

In 2014, the Partnership repaid $22.4 million of mortgage loans at par, which were funded by capital contributions totaling $22.4 million, of which our contribution was $6.7 million.

On July 24, 2014, the Partnership sold the fee interest in Pleasant Shops in Weymouth, Massachusetts for a sales price of $34.3 million, resulting in a gain on sale of $14.5 million. Our share of the gain was $4.4 million. The partners received distributions totaling $32.8 million as a result of the sale, of which our distribution was $10.4 million.

Acquired In-Place Leases

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

ACQUIRED IN-PLACE LEASES

Acquired above market leases are included in prepaid expenses and other assets and had a balance of $45.3 million and $39.4 million and accumulated amortization of $28.1 million and $22.9 million at December 31, 2016 and 2015, respectively. Acquired below market leases are included in other liabilities and deferred credits and had a balance of $138.3 million and $133.4 million and accumulated amortization of $48.9 million and $40.7 million at December 31, 2016 and 2015, respectively. The value allocated to in-place leases is amortized over the related lease term and reflected as additional rental income for below market leases or a reduction of rental income for above market leases in the consolidated statements of comprehensive income. Rental income included amortization from acquired above market leases of $6.7 million, $4.4 million and $3.4 million in 2016, 2015 and 2014, respectively and amortization from acquired below market leases of $8.5 million, $7.1 million and $5.8 million in 2016, 2015 and 2014, respectively. The remaining weighted-average amortization period as of December 31, 2016, is 4.7 years and 19.5 years for above market leases and below market leases, respectively.

The amortization for acquired in-place leases during the next five years and thereafter, assuming no early lease terminations, is as follows:



	Above Market Leases		Below Market Leases
	(In thousands)
Year ending December 31,
2017	$	4,468	$	7,538
2018	3,013		6,345
2019	1,718		5,951
2020	1,356		4,993
2021	1,136		4,377
Thereafter	5,551		60,122
	$	17,242	$	89,326

Debt

12 Months Ended

Dec. 31, 2016

Debt Instruments [Abstract]

DEBT

The following is a summary of our total debt outstanding as of December 31, 2016 and 2015:



	Principal Balance as of December 31,						Stated Interest Rate as of
Description of Debt	2016			2015			December 31, 2016		Stated Maturity Date
Mortgages payable	(Dollars in thousands)
Plaza El Segundo	$	175,000		$	175,000		6.33	%	August 5, 2017
The Grove at Shrewsbury (East)	42,536			43,557			5.82	%	October 1, 2017
The Grove at Shrewsbury (West)	10,792			11,024			6.38	%	March 1, 2018
Rollingwood Apartments	21,283			21,716			5.54	%	May 1, 2019
The Shops at Sunset Place	68,634			70,542			5.62	%	September 1, 2020
29th Place	4,553			4,753			5.91	%	January 31, 2021
THE AVENUE at White Marsh	52,705			52,705			3.35	%	January 1, 2022
Montrose Crossing	72,726			74,329			4.20	%	January 10, 2022
Brook 35	11,500			11,500			4.65	%	July 1, 2029
Chelsea	6,576			6,868			5.36	%	January 15, 2031
Subtotal	466,305			471,994
Net unamortized premium and debt issuance costs	4,812			9,090
Total mortgages payable	471,117			481,084
Notes payable
Escondido (municipal bonds)	—			9,400					October 1, 2016
Revolving credit facility	—			53,500			LIBOR + 0.825%		April 20, 2020
Term loan	275,000			275,000			LIBOR + 0.90%		November 21, 2018
Various	5,247			5,700			11.31	%	Various through 2028
Subtotal	280,247			343,600
Net unamortized debt issuance costs	(1,096		)	(1,639		)
Total notes payable	279,151			341,961
Senior notes and debentures
5.90% notes	150,000			150,000			5.90	%	April 1, 2020
2.55% notes	250,000			250,000			2.55	%	January 15, 2021
3.00% notes	250,000			250,000			3.00	%	August 1, 2022
2.75% notes	275,000			275,000			2.75	%	June 1, 2023
3.95% notes	300,000			300,000			3.95	%	January 15, 2024
7.48% debentures	29,200			29,200			7.48	%	August 15, 2026
6.82% medium term notes	40,000			40,000			6.82	%	August 1, 2027
4.50% notes	450,000			450,000			4.50	%	December 1, 2044
3.625% notes	250,000			—			3.625	%	August 1, 2046
Subtotal	1,994,200			1,744,200
Net unamortized (discount)/premium and debt issuance costs	(17,606		)	(11,649		)
Total senior notes and debentures	1,976,594			1,732,551
Capital lease obligations
Various	71,590			71,620			Various		Various through 2106
Total debt and capital lease obligations	$	2,798,452		$	2,627,216

On January 13, 2016, in connection with the acquisition of our partner's 70% interest in our unconsolidated real estate partnership, we assumed interest only mortgage loans with a face amount of $34.4 million and a fair value of $34.7 million. These mortgage loans had a weighted average interest rate of 5.95% and were repaid at par on April 1, 2016.

On April 20, 2016, we upsized our $600.0 million revolving credit facility to $800.0 million and extended the maturity date to April 20, 2020, subject to two six-month extensions at our option. Under the amended credit facility, the spread over LIBOR is 82.5 basis points based on our current credit rating. In addition, we have an option (subject to bank approval) to increase the credit facility through an accordion feature to $1.5 billion. The revolving credit facility requires an annual facility fee of $1.0 million. During 2016, 2015 and 2014, the maximum amount of borrowings outstanding under our revolving credit facility was $251.5 million, $324.0 million and $79.5 million, respectively. The weighted average amount of borrowings outstanding was $77.3 million, $109.7 million and $12.5 million, respectively, and the weighted average interest rate, before amortization of debt fees, was 1.3%, 1.1% and 1.1%, respectively. At December 31, 2016, our revolving credit facility had no balance outstanding, and had $53.5 million outstanding at December 31, 2015.

On July 12, 2016, we issued $250.0 million of fixed rate senior unsecured notes that mature on August 1, 2046 and bear interest at 3.625%. The notes were offered at 97.756% of the principal amount with a yield to maturity of 3.75%. The net proceeds from this note offering after issuance discounts, underwriting fees, and other costs were $241.8 million.

On October 1, 2016 we repaid the $9.4 million Escondido municipal bonds at par.

Our revolving credit facility and certain notes require us to comply with various financial covenants, including the maintenance of minimum shareholders’ equity and debt coverage ratios and a maximum ratio of debt to net worth. As of December 31, 2016, we were in compliance with all loan covenants.

Scheduled principal payments on mortgages payable, notes payable, senior notes and debentures as of December 31, 2016 are as follows:



	Mortgages Payable		Notes Payable			Senior Notes and Debentures		Total Principal
	(In thousands)
Year ending December 31,
2017	$	222,445	$	462		$	—	$	222,907
2018	15,477		275,513		(1)	—		290,990
2019	25,006		567			—		25,573
2020	64,687		629		(2)	150,000		215,316
2021	5,984		700			250,000		256,684
Thereafter	132,706		2,376			1,594,200		1,729,282
	$	466,305	$	280,247		$	1,994,200	$	2,740,752	(3)

_____________________


(1)	Our $275.0 million unsecured term loan matures on November 21, 2018, subject to a one-year extension at our option.


(2)	Our $800.0 million revolving credit facility matures on April 20, 2020, subject to two six-month extensions at our option. As of December 31, 2016, there was no outstanding balance under this credit facility.


(3)	The total debt maturities differ from the total reported on the consolidated balance sheet as of December 31, 2016 due to the unamortized premium/(discount) and debt issuance costs on certain mortgages payable, notes payable, and senior notes.

Future minimum lease payments and their present value for property under capital leases as of December 31, 2016, are as follows:




	(In thousands)
Year ending December 31,
2017	$	5,797
2018	5,800
2019	5,800
2020	5,800
2021	5,800
Thereafter	148,235
	177,232
Less amount representing interest	(105,642		)
Present value	$	71,590

Fair Value Of Financial Instruments

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 8—FAIR VALUE OF FINANCIAL INSTRUMENTS

A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows:



1.	Level 1 Inputs—quoted prices in active markets for identical assets or liabilities



2.	Level 2 Inputs—observable inputs other than quoted prices in active markets for identical assets and liabilities



3.	Level 3 Inputs—prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.

Except as disclosed below, the carrying amount of our financial instruments approximates their fair value. The fair value of our mortgages payable, notes payable and senior notes and debentures is sensitive to fluctuations in interest rates. Quoted market prices (Level 1) were used to estimate the fair value of our marketable senior notes and debentures and discounted cash flow analysis (Level 2) is generally used to estimate the fair value of our mortgages and notes payable. Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. A summary of the carrying amount and fair value of our mortgages payable, notes payable and senior notes and debentures is as follows:



	December 31, 2016				December 31, 2015
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Mortgages and notes payable	$	750,268	$	760,260	$	823,045	$	833,931
Senior notes and debentures	$	1,976,594	$	2,015,973	$	1,732,551	$	1,786,758

As of December 31, 2016, we have two interest rate swap agreements with a notional amount of $275.0 million that are measured at fair value on a recurring basis. The interest rate swap agreements fix the variable portion of our $275.0 million term loan at 1.72% through November 1, 2018. The fair values of the interest rate swap agreements are based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. The fair value of our swaps at December 31, 2016 and 2015, was a liability of $2.6 million and $4.1 million, respectively, and are included in "accounts payable and accrued expenses" on our consolidated balance sheets. The value of our interest rate swaps increased $1.5 million and decreased $0.6 million (including $3.5 million and $4.3 million respectively, reclassified from other comprehensive loss to earnings) for 2016 and 2015, respectively. These changes in value are included in "accumulated other comprehensive income/loss." A summary of our financial liabilities that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows:



	December 31, 2016								December 31, 2015
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Interest rate swaps	$	—	$	2,577	$	—	$	2,577	$	—	$	4,110	$	—	$	4,110

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

We are sometimes involved in lawsuits, warranty claims, and environmental matters arising in the ordinary course of business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters.

We are currently a party to various legal proceedings. We accrue a liability for litigation if an unfavorable outcome is probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, we accrue the best estimate within the range; however, if no amount within the range is a better estimate than any other amount, the minimum within the range is accrued. Legal fees related to litigation are expensed as incurred. Other than as described below, we do not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on our financial position or overall trends in results of operations; however, litigation is subject to inherent uncertainties. Also under our leases, tenants are typically obligated to indemnify us from and against all liabilities, costs and expenses imposed upon or asserted against us (1) as owner of the properties due to certain matters relating to the operation of the properties by the tenant, and (2) where appropriate, due to certain matters relating to the ownership of the properties prior to their acquisition by us.

In November 2016, we were included as a defendant in a class action lawsuit related to predatory towing by a third party company we had retained to provide towing services at several of our properties in Montgomery County, Maryland. We were not named as a defendant in the litigation prior to the certification of the defendant class. In December 2015, the towing company defendant reached a settlement with the plaintiff class that resulted in a $22 million judgment being entered against them. After the judgment was entered, the Circuit Court for Montgomery County, Maryland certified a defendant class of approximately 600 property owners, including us. We believe this is the first time a Maryland court has certified a defendant class that has resulted in a complete denial of due process to the members of that class and together with others in the defendant class, filed a Writ of Mandamus challenging the certification of the defendant class. The hearing of the Writ by the Court of Appeals is discretionary. Because of the specific facts and circumstances of our contractual relationship with the towing company, we do not believe we should have been included in the defendant class nor do we believe we should have any liability in this matter. We are currently pursuing all available legal remedies and intend to vigorously defend ourselves in the matter, including defenses based on the total lack of due process afforded to us to present our unique facts and circumstances. We believe our potential loss in this matter ranges from $0 to an undetermined share of the $22 million judgment. The judgment does not provide any guidance for how the judgment amount is to be shared amongst the defendant class.

We are self-insured for general liability costs up to predetermined retained amounts per claim, and we believe that we maintain adequate accruals to cover our retained liability. We currently do not maintain third party stop-loss insurance policies to cover liability costs in excess of predetermined retained amounts. Our accrual for self-insurance liability is determined by management and is based on claims filed and an estimate of claims incurred but not yet reported. Management considers a number of factors, including third-party actuarial analysis, previous experience in our portfolio, and future increases in costs of claims, when making these determinations. If our liability costs exceed these accruals, it will reduce our net income.

We reserve for estimated losses, if any, associated with warranties given to a buyer at the time real estate is sold or other potential liabilities relating to that sale, taking any insurance policies into account. These warranties may extend up to ten years and require significant judgment. If changes in facts and circumstances indicate that warranty reserves are understated, we will accrue additional reserves at such time a liability has been incurred and the costs can be reasonably estimated. Warranty reserves are released once the legal liability period has expired or all related work has been substantially completed. During 2016, the legal liability period relating to our latent defect warranty on condominiums sold at Santana Row expired. Upon expiration, we released the remaining $4.9 million warranty reserve which is included in "gain on sale of real estate and change in control of interests" in the consolidated statement of comprehensive income for the year ended December 31, 2016.

At December 31, 2016 and 2015, our reserves for warranties and general liability costs were $2.8 million and $7.7 million, respectively, and are included in “accounts payable and accrued expenses” in our consolidated balance sheets. Any potential losses which exceed our estimates would result in a decrease in our net income. During 2016 and 2015, we made payments from these reserves of $2.0 million and $1.8 million, respectively. Although we consider the reserve to be adequate, there can be no assurance that the reserve will prove to be adequate over-time to cover losses due to the difference between the assumptions used to estimate the reserve and actual losses.

At December 31, 2016, we had letters of credit outstanding of approximately $1.3 million.

As of December 31, 2016 in connection with capital improvement, development, and redevelopment projects, the Trust has contractual obligations of approximately $445.3 million.

We are obligated under ground lease agreements on several shopping centers requiring minimum annual payments as follows, as of December 31, 2016:




	(In thousands)
Year ending December 31,
2017	$	2,070
2018	3,021
2019	3,174
2020	3,187
2021	3,195
Thereafter	170,698
	$	185,345

A master lease for Mercer Mall includes a fixed purchase price option for $55 million in 2023. If we fail to exercise our purchase option, the owner of Mercer Mall has a put option which would require us to purchase Mercer Mall for $60 million in 2025.

Under the terms of the Congressional Plaza partnership agreement, a minority partner has the right to require us and the other minority partner to purchase its 29.47% interest in Congressional Plaza at the interest’s then-current fair market value. If the other minority partner defaults in their obligation, we must purchase the full interest. Based on management’s current estimate of fair market value as of December 31, 2016, our estimated maximum liability upon exercise of the put option would range from approximately $89 million to $93 million.

A master lease for Melville Mall includes a fixed purchase price option in 2021 for $5 million. If we fail to exercise our purchase option, the owner of Melville Mall has a put option which would require us to purchase Melville Mall in 2023 for $5 million.

The other member in Montrose Crossing has the right to require us to purchase all of its 10.1% interest in Montrose Crossing at the interest's then-current fair market value. If the other member fails to exercise its put option, we have the right to purchase its interest on or after December 27, 2021 at fair market value. Based on management’s current estimate of fair market value as of December 31, 2016, our estimated maximum liability upon exercise of the put option would range from approximately $9 million to $10 million.

Two of the members in Plaza El Segundo have the right to require us to purchase their 10.0% and 11.8% ownership interests at the interests' then-current fair market value. If the members fail to exercise their put options, we have the right to purchase each of their interests on or after December 30, 2026 at fair market value. Based on management’s current estimate of fair market value as of December 31, 2016, our estimated maximum liability upon exercise of the put option would range from approximately $21 million to $24 million. Also, we exercised our option to acquire the preferred interest of a member in our Plaza El Segundo partnership for $4.9 million. The transaction is expected to close in 2018.

Effective January 1, 2017, the other member in The Grove at Shrewsbury and Brook 35 has the right to require us to purchase all of its approximately 4.8% interest in The Grove at Shrewsbury and approximately 8.8% interest in Brook 35 at the interests' then-current fair market value. Based on management's current estimate of fair market value as of December 31, 2016, our estimated maximum liability upon exercise of the put option would range from $10 million to $11 million.

Under the terms of certain partnership agreements, the partners have the right to exchange their operating partnership units for cash or the same number of our common shares, at our option. A total of 763,797 downREIT operating partnership units are outstanding which have a total fair value of $108.5 million, based on our closing stock price on December 31, 2016.

On February 12, 2016, we acquired the 10% noncontrolling interest of a partnership which owns a project in southern California for $13.0 million, bringing our ownership interest to 100%.

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
SHAREHOLDERS’ EQUITY	SHAREHOLDERS’ EQUITY We have a Dividend Reinvestment Plan (the “Plan”), whereby shareholders may use their dividends and optional cash payments to purchase shares. In 2016, 2015 and 2014, 15,619 shares, 16,524 shares and 18,705 shares, respectively, were issued under the Plan. As of December 31, 2016, 2015, and 2014, we had 399,896 shares of 5.417% Series 1 Cumulative Convertible Preferred Shares (“Series 1 Preferred Shares”) outstanding that have a liquidation preference of $25 per share and par value $0.01 per share. The Series 1 Preferred Shares accrue dividends at a rate of 5.417% per year and are convertible at any time by the holders to our common shares at a conversion rate of $104.69 per share. The Series 1 Preferred Shares are also convertible under certain circumstances at our election. The holders of the Series 1 Preferred Shares have no voting rights. On March 7, 2016, we issued 1.0 million common shares at $149.43 per share, in an underwritten public offering, for cash proceeds of $149.3 million, net of expenses. On November 4, 2016, we replaced our existing at-the-market (“ATM”) equity program with a new ATM equity program in which we may from time to time offer and sell common shares having an aggregate offering price of up to $400.0 million. We intend to use the net proceeds to fund potential acquisition opportunities, fund our development and redevelopment pipeline, repay amounts of outstanding under our revolving credit facility and/or for general corporate purposes. For the year ended December 31, 2016, we issued 1,156,571 common shares at a weighted average price per share of $152.92 for net cash proceeds of $174.8 million and paid $1.8 million in commissions and $0.2 million in additional offering expenses related to the sales of these common shares. For the year ended December 31, 2015, we issued 813,414 common shares at a weighted average price per share of $135.01 for net cash proceeds of $108.5 million and paid $1.1 million in commissions and $0.2 million in additional offering expenses related to the sales of these common shares. As of December 31, 2016, we had the capacity to issue up to $370.9 million in common shares under our ATM equity program.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.E)
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
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-Subparagraph (SX 210.5-02(29))
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e))
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Topic 210
-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.5-02(31))
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
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-Subparagraph (SAB Topic 4.C)
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 15: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Dividends

12 Months Ended

Dec. 31, 2016

Dividends [Abstract]

DIVIDENDS

The following table provides a summary of dividends declared and paid per share:



	Year Ended December 31,
	2016				2015				2014
	Declared		Paid		Declared		Paid		Declared		Paid
Common shares	$	3.840	$	3.800	$	3.620	$	3.550	$	3.300	$	3.210
5.417% Series 1 Cumulative Convertible Preferred shares	$	1.354	$	1.354	$	1.354	$	1.354	$	1.354	$	1.354

A summary of the income tax status of dividends per share paid is as follows:



	Year Ended December 31,
	2016		2015		2014
Common shares
Ordinary dividend	$	3.800	$	3.515	$	3.178
Capital gain	—		0.035		0.032
	$	3.800	$	3.550	$	3.210
5.417% Series 1 Cumulative Convertible Preferred shares
Ordinary dividend	$	1.354	$	1.340	$	1.340
Capital gain	—		0.014		0.014
	$	1.354	$	1.354	$	1.354

On November 2, 2016, the Trustees declared a quarterly cash dividend of $0.98 per common share, payable January 17, 2017 to common shareholders of record on January 3, 2017.

Operating Leases

12 Months Ended

Dec. 31, 2016

Leases [Abstract]

OPERATING LEASES

At December 31, 2016, our 96 predominantly retail shopping center and mixed-use properties are located in 12 states and the District of Columbia. There are approximately 2,900 leases with tenants providing a wide range of retail products and services. These tenants range from sole proprietorships to national retailers; no one tenant or corporate group of tenants accounts for more than 3.1% of annualized base rent.

Our leases with commercial property and residential tenants are classified as operating leases. Commercial property leases generally range from three to ten years (certain leases with anchor tenants may be longer), and in addition to minimum rents, may provide for percentage rents based on the tenant’s level of sales achieved and cost recoveries for the tenant’s share of certain operating costs. Leases on apartments are generally for a period of 1 year or less.

As of December 31, 2016, minimum future commercial property rentals from noncancelable operating leases, before any reserve for uncollectible amounts and assuming no early lease terminations, at our operating properties are as follows:




	(In thousands)
Year ending December 31,
2017	$	542,941
2018	488,668
2019	427,595
2020	365,231
2021	297,953
Thereafter	1,681,024
	$	3,803,412

Components Of Rental Income

12 Months Ended

Dec. 31, 2016

Components Of Rental Income and Expense [Abstract]

COMPONENTS OF RENTAL INCOME AND EXPENSE

The principal components of rental income are as follows:



	Year Ended December 31,
	2016		2015		2014
	(In thousands)
Minimum rents
Retail and commercial	$	549,552	$	509,825	$	472,602
Residential	49,465		42,797		36,099
Cost reimbursement	158,042		148,110		135,592
Percentage rent	10,977		11,911		10,169
Other	18,547		15,169		11,860
Total rental income	$	786,583	$	727,812	$	666,322

Minimum rents include the following:



	Year Ended December 31,
	2016		2015		2014
	(In millions)
Straight-line rents	$	8.1	$	7.6	$	5.1
Net amortization of above and below market leases	$	1.8	$	2.7	$	2.4

The principal components of rental expenses are as follows:



	Year Ended December 31,
	2016		2015		2014
	(In thousands)
Repairs and maintenance	$	64,942	$	62,420	$	55,444
Utilities	24,968		23,003		20,499
Management fees and costs	20,823		18,639		17,416
Payroll	13,832		12,673		11,554
Marketing	8,520		9,046		9,532
Insurance	7,758		7,875		6,462
Ground rent	2,561		2,540		1,952
Bad debt expense	2,375		1,168		2,021
Other operating	12,547		10,229		10,537
Total rental expenses	$	158,326	$	147,593	$	135,417

Share-Based Compensation Plans

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

SHARE-BASED COMPENSATION PLANS

A summary of share-based compensation expense included in net income is as follows:



	Year Ended December 31,
	2016			2015			2014
	(In thousands)

Grants of common shares and options	$	11,227		$	12,074		$	12,941
Capitalized share-based compensation	(1,310		)	(868		)	(1,188		)
Share-based compensation expense	$	9,917		$	11,206		$	11,753

As of December 31, 2016, we have grants outstanding under two share-based compensation plans. In May 2010, our shareholders approved the 2010 Performance Incentive Plan, as amended (“the 2010 Plan”), which authorized the grant of share options, common shares and other share-based awards for up to 2,450,000 common shares of beneficial interest. Our 2001 Long Term Incentive Plan (the “2001 Plan”), which expired in May 2010, authorized the grant of share options, common shares and other share-based awards of 3,250,000 common shares of beneficial interest.

Option awards under both plans are required to have an exercise price at least equal to the closing trading price of our common shares on the date of grant. Options and restricted share awards under these plans generally vest over three to seven years and option awards typically have a ten-year contractual term. We pay dividends on unvested shares. Certain options and share awards provide for accelerated vesting if there is a change in control. Additionally, the vesting on certain option and share awards can accelerate in part or in full upon retirement based on the age of the retiree or upon termination without cause.

The fair value of each option award is estimated on the date of grant using the Black-Scholes model. Expected volatilities, term, dividend yields, employee exercises and estimated forfeitures are primarily based on historical data. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The fair value of each share award is determined based on the closing trading price of our common shares on the grant date. No options were granted in 2015 and 2014.

The following table provides a summary of the weighted-average assumption used to value options granted in 2016:



Volatility	18.8	%
Expected dividend yield	2.8	%
Expected term (in years)	6.0
Risk free interest rate	1.5	%

The following table provides a summary of option activity for 2016:



	Shares Under Option		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
					(In years)	(In thousands)
Outstanding at December 31, 2015	313,802		$	60.93
Granted	682		152.34
Exercised	(55,365	)	82.03
Forfeited or expired	—		—
Outstanding at December 31, 2016	259,119		$	56.66	1.7	$	22,148
Exercisable at December 31, 2016	258,437		$	56.41	1.7	$	22,148

The weighted-average grant-date fair value of options granted during 2016 was $19.52 per share. The total cash received from options exercised during 2016, 2015 and 2014 was $4.5 million, $2.0 million and $2.3 million, respectively. The total intrinsic value of options exercised during the years ended December 31, 2016, 2015 and 2014 was $4.2 million, $2.1 million and $1.1 million, respectively.

The following table provides a summary of restricted share activity for 2016:



	Shares		Weighted-Average Grant-Date Fair Value
Unvested at December 31, 2015	177,214		$	118.68
Granted	153,450		152.70
Vested	(94,774	)	116.62
Forfeited	(18,537	)	129.08
Unvested at December 31, 2016	217,353		$	142.70

The weighted-average grant-date fair value of stock awarded in 2016, 2015 and 2014 was $152.70, $141.08 and $111.45, respectively. The total vesting-date fair value of shares vested during the year ended December 31, 2016, 2015 and 2014, was $13.8 million, $26.1 million and $12.1 million, respectively.

As of December 31, 2016, there was $15.0 million of total unrecognized compensation cost related to unvested share-based compensation arrangements (i.e. options and unvested shares) granted under our plans. This cost is expected to be recognized over the next 7.4 years with a weighted-average period of 2.5 years.

Subsequent to December 31, 2016, common shares were awarded under various compensation plans as follows:



Date	Award		Vesting Term	Beneficiary
January 3, 2017	4,751	Shares	Immediate	Trustees
February 7, 2017	101,009	Restricted shares	3-4 years	Officers and key employees

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Savings and Retirement Plans	12 Months Ended
Savings and Retirement Plans	Dec. 31, 2016
Savings and Retirement Plans [Abstract]
SAVINGS AND RETIREMENT PLANS	SAVINGS AND RETIREMENT PLANS We have a savings and retirement plan in accordance with the provisions of Section 401(k) of the Code. Generally, employees can elect, at their discretion, to contribute a portion of their compensation up to a maximum of $18,000 for 2016 and 2015, and $17,500 for 2014. Under the plan, we contribute 50% of each employee’s elective deferrals up to 5% of eligible earnings. In addition, we may make discretionary contributions within the limits of deductibility set forth by the Code. Our full-time employees are immediately eligible to become plan participants. Employees are eligible to receive matching contributions immediately on their participation; however, these matching payments will not vest until their third anniversary of employment. Our expense for the years ended December 31, 2016, 2015 and 2014 was approximately $602,000, $504,000 and $442,000, respectively. A non-qualified deferred compensation plan for our officers and certain other employees was established in 1994 that allows the participants to defer a portion of their income. As of December 31, 2016 and 2015, we are liable to participants for approximately $10.5 million and $9.7 million, respectively, under this plan. Although this is an unfunded plan, we have purchased certain investments to match this obligation. Our obligation under this plan and the related investments are both included in the accompanying consolidated financial statements.

Earnings Per Share

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

EARNINGS PER SHARE

We have calculated earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of common stock and participating securities is calculated according to dividends declared and participation rights in undistributed earnings. For 2016 and 2015, we had 0.2 million weighted average unvested shares outstanding, respectively, and in 2014, we had 0.3 million which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS between common shares and unvested shares; the portion of earnings allocated to the unvested shares is reflected as “earnings allocated to unvested shares” in the reconciliation below.

In the dilutive EPS calculation, dilutive stock options were calculated using the treasury stock method consistent with prior periods. There were no anti-dilutive stock options in 2016, 2015, or 2014. The conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS.



	Year Ended December 31,
	2016			2015			2014
	(In thousands, except per share data)
NUMERATOR
Income from continuing operations	$	226,425		$	190,094		$	167,888
Less: Preferred share dividends	(541		)	(541		)	(541		)
Less: Income from continuing operations attributable to noncontrolling interests	(7,648		)	(8,205		)	(7,754		)
Less: Earnings allocated to unvested shares	(702		)	(797		)	(1,003		)
Income from continuing operations available for common shareholders	217,534			180,551			158,590
Gain on sale of real estate and change in control of interests, net	31,133			28,330			4,401
Net income available for common shareholders, basic and diluted	$	248,667		$	208,881		$	162,991
DENOMINATOR
Weighted average common shares outstanding—basic	70,877			68,797			67,322
Effect of dilutive securities:
Stock options	172			184			170
Weighted average common shares outstanding—diluted	71,049			68,981			67,492

EARNINGS PER COMMON SHARE, BASIC
Continuing operations	$	3.07		$	2.63		$	2.35
Gain on sale of real estate and change in control of interests, net	0.44			0.41			0.07
	$	3.51		$	3.04		$	2.42
EARNINGS PER COMMON SHARE, DILUTED
Continuing operations	$	3.06		$	2.62		$	2.34
Gain on sale of real estate and change in control of interests, net	0.44			0.41			0.07
	$	3.50		$	3.03		$	2.41
Income from continuing operations attributable to the Trust	$	218,777		$	181,889		$	160,134

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

Summarized quarterly financial data is as follows:



	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	(In thousands, except per share data)
2016
Revenue	$	198,344	$	197,981	$	201,157	$	204,109
Operating income	$	76,922	$	80,135	$	80,461	$	83,477
Net income(1)	$	79,063	$	58,898	$	61,198	$	59,724
Net income attributable to the Trust(1)	$	76,955	$	55,941	$	58,977	$	58,037
Net income available for common shareholders(1)	$	76,820	$	55,806	$	58,841	$	57,902
Earnings per common share—basic(1)	$	1.10	$	0.79	$	0.82	$	0.81
Earnings per common share—diluted(1)	$	1.10	$	0.78	$	0.82	$	0.80
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	(In thousands, except per share data)
2015
Revenue	$	184,792	$	181,461	$	185,252	$	192,507
Operating income	$	72,122	$	76,201	$	75,917	$	75,914
Net income(1)	$	48,203	$	45,673	$	54,550	$	69,998
Net income attributable to the Trust(1)	$	46,186	$	43,632	$	52,447	$	67,954
Net income available for common shareholders(1)	$	46,051	$	43,497	$	52,311	$	67,819
Earnings per common share—basic(1)	$	0.67	$	0.63	$	0.75	$	0.98
Earnings per common share—diluted(1)	$	0.67	$	0.63	$	0.75	$	0.97

(1)

First quarter 2016 includes a $25.7 million gain on change in control of interests from our Clarion Partners acquisition as further discussed in Note 3. Third quarter 2016 includes a $4.9 million gain on sale from the reversal of our warranty reserve on condominiums sold at Santana Row as further discussed in Note 9. Second and fourth quarter 2015 include an $11.5 million and $16.8 million gain on sale, respectively, from our Houston Street and Courtyard Shops properties as further discussed in Note 3.

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On January 12, 2017, we exercised our purchase option on non-controlling interests in San Antonio Center for $2.6 million of cash and 44,195 of downREIT operating partnership units. On February 1, 2017, we acquired a leasehold interest in Hastings Ranch Plaza, a 274,000 square foot shopping center in Pasadena, California for $29.5 million.

Schedule III - Summary of Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2016

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Summary of Real Estate and Accumulated Depreciation

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (Dollars in thousands)

COLUMN A		COLUMN B	COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance	Initial cost to company				Cost Capitalized Subsequent to Acquisition		Gross amount at which carried at close of period						Accumulated Depreciation and Amortization		Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions		Encumbrance	Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition		Land		Building and Improvements		Total		Accumulated Depreciation and Amortization		Date of Construction	Date Acquired
150 POST STREET (California)	CA		$	11,685	$	9,181	$	15,243	$	11,685	$	24,424	$	36,109	$	16,232	1908/1965	10/23/1997	35 years
29TH PLACE (Virginia)	VA	4,514	10,211		18,863		11,730		10,195		30,609		40,804		10,522		1975 - 2001	5/30/2007	35 years
ANDORRA (Pennsylvania)	PA		2,432		12,346		11,013		2,432		23,359		25,791		18,269		1953	1/12/1988	35 years
ASSEMBLY ROW/ASSEMBLY SQUARE MARKETPLACE (Massachusetts)	MA		93,252		34,196		500,278		94,552		533,174		627,726		36,044		2005, 2012-2014	2005-2013	35 years
ATLANTIC PLAZA (Massachusetts)	MA		6,293		17,109		1,780		6,293		18,889		25,182		885		1960	1/13/2016	35 years
BALA CYNWYD (Pennsylvania)	PA		3,565		14,466		22,502		2,581		37,952		40,533		18,950		1955	9/22/1993	35 years
BARCROFT PLAZA (Virginia)	VA		12,617		29,603		630		12,617		30,233		42,850		984		1963, 1972, 1990, & 2000	1/13/16 & 11/7/16	35 years
BARRACKS ROAD (Virginia)	VA		4,363		16,459		42,978		4,363		59,437		63,800		39,882		1958	12/31/1985	35 years
BETHESDA ROW (Maryland)	MD		46,579		35,406		144,090		44,880		181,195		226,075		67,697		1945-2008	12/31/93, 6/2/97, 1/20/06, 9/25/08, 9/30/08, & 12/27/10	35 - 50 years
BRICK PLAZA (New Jersey)	NJ		—		24,715		45,437		3,945		66,207		70,152		45,645		1958	12/28/1989	35 years
BRISTOL PLAZA (Connecticut)	CT		3,856		15,959		10,963		3,856		26,922		30,778		16,623		1959	9/22/1995	35 years
BROOK 35 (New Jersey)	NJ	11,242	7,128		38,355		1,635		7,128		39,990		47,118		4,070		1986/2004	1/1/2014	35 years
CAMPUS PLAZA (Massachusetts)	MA		16,710		13,412		265		16,710		13,677		30,387		611		1970	1/13/2016	35 years
CHELSEA COMMONS (Massachusetts)	MA	6,328	9,417		19,466		13,958		9,396		33,445		42,841		7,486		1962/1969/2008	8/25/06, 1/30/07, & 7/16/08	35 years
COCOWALK (Florida)	FL		33,160		71,001		2,716		32,504		74,373		106,877		4,276		1990/1994, 1922-1973	5/4/15, 7/1/15, 12/16/15, & 7/26/16	35 years
COLORADO BLVD (California)	CA		5,262		4,071		10,032		5,262		14,103		19,365		10,262		1905-1988	12/31/96 & 8/14/98	35 years

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (Dollars in thousands)

COLUMN A		COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition	Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions		Encumbrance	Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition	Land	Building and Improvements	Total	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired
CONGRESSIONAL PLAZA (Maryland)	MD		2,793	7,424	90,748	1,020	99,945	100,965	50,640	1965/2003	4/1/1965	35 years
COURTHOUSE CENTER (Maryland)	MD		1,750	1,869	1,286	1,750	3,155	4,905	1,793	1975	12/17/1997	35 years
CROSSROADS (Illinois)	IL		4,635	11,611	15,879	4,635	27,490	32,125	15,719	1959	7/19/1993	35 years
CROW CANYON COMMONS (California)	CA		27,245	54,575	7,679	27,245	62,254	89,499	19,516	Late 1970's/ 1998/2006	12/29/05 & 2/28/07	35 years
DARIEN (Connecticut)	CT		29,809	18,302	810	29,809	19,112	48,921	2,424	1920-2009	4/3/2013	35 years
DEDHAM PLAZA (Massachusetts)	MA		14,834	12,918	10,564	14,834	23,482	38,316	14,734	1959	12/31/93 & 12/14/16	35 years
DEL MAR VILLAGE (Florida)	FL		15,624	41,712	5,252	15,587	47,001	62,588	18,573	1982/1994/2007	5/30/08, 7/11/08, & 10/14/14	35 years
EAST BAY BRIDGE (California)	CA		29,079	138,035	10,487	29,079	148,522	177,601	19,797	1994-2001, 2011/2012	12/21/2012	35 years
EASTGATE CROSSING (North Carolina)	NC		1,608	5,775	23,647	1,608	29,422	31,030	18,859	1963	12/18/1986	35 years
ELLISBURG (New Jersey)	NJ		4,028	11,309	19,112	4,013	30,436	34,449	19,374	1959	10/16/1992	35 years
ESCONDIDO PROMENADE (California)	CA		19,117	15,829	12,402	19,117	28,231	47,348	14,590	1987	12/31/96 & 11/10/10	35 years
FALLS PLAZA (Virginia)	VA		1,798	1,270	10,900	1,819	12,149	13,968	8,287	1960/1962	9/30/67 & 10/05/72	25 years
FEDERAL PLAZA (Maryland)	MD		10,216	17,895	39,531	10,216	57,426	67,642	40,896	1970	6/29/1989	35 years
FINLEY SQUARE (Illinois)	IL		9,252	9,544	17,995	9,252	27,539	36,791	18,537	1974	4/27/1995	35 years
FLOURTOWN (Pennsylvania)	PA		1,345	3,943	11,604	1,345	15,547	16,892	5,424	1957	4/25/1980	35 years
FREE STATE SHOPPING CENTER (Maryland)	MD		18,581	41,658	3,739	18,581	45,397	63,978	1,864	1970	1/13/2016	35 years
FRESH MEADOWS (New York)	NY		24,625	25,255	36,465	24,633	61,712	86,345	35,528	1946-1949	12/5/1997	35 years
FRIENDSHIP CENTER (District of Columbia)	DC		12,696	20,803	4,071	12,696	24,874	37,570	10,909	1998	9/21/2001	35 years
GAITHERSBURG SQUARE (Maryland)	MD		7,701	5,271	13,929	5,973	20,928	26,901	17,291	1966	4/22/1993	35 years
GARDEN MARKET (Illinois)	IL		2,677	4,829	6,089	2,677	10,918	13,595	7,016	1958	7/28/1994	35 years

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (Dollars in thousands)

COLUMN A		COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition	Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions		Encumbrance	Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition	Land	Building and Improvements	Total	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired
GOVERNOR PLAZA (Maryland)	MD		2,068	4,905	20,401	2,068	25,306	27,374	19,389	1963	10/1/1985	35 years
GRAHAM PARK PLAZA (Virginia)	VA		1,237	15,096	18,523	1,169	33,687	34,856	27,137	1971	7/21/1983	35 years
GRATIOT PLAZA (Michigan)	MI		525	1,601	17,694	525	19,295	19,820	16,620	1964	3/29/1973	25.75 years
GREENLAWN PLAZA (New York)	NY		10,590	20,869	213	10,590	21,082	31,672	875	1975/2004	1/13/2016	35 years
GREENWICH AVENUE (Connecticut)	CT		7,484	5,444	1,199	7,484	6,643	14,127	3,980	1968	4/12/1995	35 years
HAUPPAUGE (New York)	NY		8,791	15,262	4,577	8,419	20,211	28,630	10,977	1963	8/6/1998	35 years
HERMOSA AVENUE (California)	CA		1,116	280	4,459	1,368	4,487	5,855	3,129	1922	9/17/1997	35 years
HOLLYWOOD BLVD (California)	CA		8,300	16,920	21,502	8,370	38,352	46,722	13,294	1929/1991	3/22/99 & 6/18/99	35 years
HUNTINGTON (New York)	NY		12,195	16,008	18,372	12,195	34,380	46,575	14,516	1962	12/12/88, 10/26/07, & 11/24/15	35 years
HUNTINGTON SQUARE (New York)	NY		—	10,075	2,101	—	12,176	12,176	2,777	1980/2004-2007	8/16/2010	35 years
IDYLWOOD PLAZA (Virginia)	VA		4,308	10,026	2,453	4,308	12,479	16,787	8,505	1991	4/15/1994	35 years
KINGS COURT (California)	CA		—	10,714	952	—	11,666	11,666	8,331	1960	8/24/1998	26 years
LANCASTER (Pennsylvania)	PA	4,907	—	2,103	11,759	75	13,787	13,862	7,992	1958	4/24/1980	22 years
LANGHORNE SQUARE (Pennsylvania)	PA		720	2,974	18,236	720	21,210	21,930	14,439	1966	1/31/1985	35 years
LAUREL (Maryland)	MD		7,458	22,525	25,986	7,464	48,505	55,969	35,839	1956	8/15/1986	35 years
LAWRENCE PARK (Pennsylvania)	PA		5,723	7,160	20,117	5,734	27,266	33,000	24,029	1972	7/23/1980	22 years
LEESBURG PLAZA (Virginia)	VA		8,184	10,722	17,120	8,184	27,842	36,026	13,920	1967	9/15/1998	35 years
LINDEN SQUARE (Massachusetts)	MA		79,382	19,247	49,410	79,269	68,770	148,039	19,737	1960-2008	8/24/2006	35 years
MELVILLE MALL (New York)	NY		35,622	32,882	15,370	35,622	48,252	83,874	10,403	1974	10/16/2006	35 years
MERCER MALL (New Jersey)	NJ	55,618	28,684	48,028	44,258	28,717	92,253	120,970	37,484	1975	10/14/2003	25 - 35 years

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (Dollars in thousands)

COLUMN A		COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition	Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions		Encumbrance	Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition	Land	Building and Improvements	Total	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired
MONTROSE CROSSING (Maryland)	MD	72,726	48,624	91,819	13,772	48,624	105,591	154,215	20,987	1960s, 1970s, 1996 & 2011	12/27/11, 12/19/13	35 years
MOUNT VERNON/SOUTH VALLEY/7770 RICHMOND HWY. (Virginia)	VA		10,068	33,501	40,545	10,230	73,884	84,114	31,396	1966/1972/1987/2001	3/31/03, 3/21/03, & 1/27/06	35 years
NORTH DARTMOUTH (Massachusetts)	MA		9,366	—	2	9,366	2	9,368	—	2004	8/24/2006
NORTHEAST (Pennsylvania)	PA		1,152	10,596	16,482	1,153	27,077	28,230	19,721	1959	8/30/1983	35 years
NORTH LAKE COMMONS (Illinois)	IL		2,782	8,604	5,638	2,628	14,396	17,024	8,106	1989	4/27/1994	35 years
OLD KEENE MILL (Virginia)	VA		638	998	5,625	638	6,623	7,261	5,159	1968	6/15/1976	33.33 years
OLD TOWN CENTER (California)	CA		3,420	2,765	30,571	3,420	33,336	36,756	20,065	1962, 1997-1998	10/22/1997	35 years
PAN AM (Virginia)	VA		8,694	12,929	7,262	8,695	20,190	28,885	14,504	1979	2/5/1993	35 years
PENTAGON ROW (Virginia)	VA		—	2,955	95,154	—	98,109	98,109	42,881	1999 - 2002	1998 & 11/22/10	35 years
PERRING PLAZA (Maryland)	MD		2,800	6,461	21,677	2,800	28,138	30,938	22,232	1963	10/1/1985	35 years
PIKE & ROSE (Maryland)	MD		31,471	10,335	427,582	26,199	443,189	469,388	13,498	1963 & 2012-2014	5/18/82, 10/26/07, & 7/31/12	50 years
PIKE 7 PLAZA (Virginia)	VA		14,970	22,799	4,564	14,914	27,419	42,333	15,818	1968	3/31/1997 & 7/8/2015	35 years
PLAZA DEL MERCADO (Maryland)	MD		10,305	21,553	10,558	10,305	32,111	42,416	853	1969	1/13/2016	35 years
PLAZA EL SEGUNDO/THE POINT (California)	CA	176,209	62,127	153,556	63,039	64,463	214,259	278,722	32,104	2006/2007/2016	12/30/11, 6/14/13, 7/26/13 & 12/27/13	35 years
QUEEN ANNE PLAZA (Massachusetts)	MA		3,319	8,457	6,504	3,319	14,961	18,280	9,386	1967	12/23/1994	35 years
QUINCE ORCHARD (Maryland)	MD		3,197	7,949	26,927	2,928	35,145	38,073	17,738	1975	4/22/1993	35 years
ROCKVILLE TOWN SQUARE (Maryland)	MD	4,474	—	8,092	41,924	—	50,016	50,016	14,806	2005 - 2007	2006 - 2007	50 years

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (Dollars in thousands)

COLUMN A		COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition	Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions		Encumbrance	Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition	Land	Building and Improvements	Total	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired
ROLLINGWOOD APTS. (Maryland)	MD	21,221	552	2,246	7,746	572	9,972	10,544	8,988	1960	1/15/1971	25 years
SAM'S PARK & SHOP (District of Columbia)	DC		4,840	6,319	1,585	4,840	7,904	12,744	4,925	1930	12/1/1995	35 years
SAN ANTONIO CENTER (California)	CA		39,920	32,466	1,114	39,920	33,580	73,500	3,206	1958, 1964-1965, 1974-1975, 1995-1997	1/9/2015	35 years
SANTANA ROW (California)	CA		66,682	7,502	732,733	57,578	749,339	806,917	166,872	1999-2006, 2009, 2011, 2014, 2016	3/5/97, 7/13/12, 9/6/12, 4/30/13 & 9/23/13	40 - 50 years
SAUGUS PLAZA (Massachusetts)	MA		4,383	8,291	2,583	4,383	10,874	15,257	6,274	1976	10/1/1996	35 years
THE AVENUE AT WHITE MARSH (Maryland)	MD	52,436	20,682	72,432	12,961	20,685	85,390	106,075	28,432	1997	3/8/2007	35 years
THE GROVE AT SHREWSBURY (New Jersey)	NJ	54,212	18,016	103,115	2,625	18,021	105,735	123,756	10,395	1988/1993/2007	1/1/2014 & 10/6/14	35 years
THE SHOPPES AT NOTTINGHAM SQUARE (Maryland)	MD		4,441	12,849	170	4,441	13,019	17,460	4,447	2005 - 2006	3/8/2007	35 years
THE SHOPS AT SUNSET PLACE (Florida)	FL	72,229	64,499	50,853	5,425	64,499	56,278	120,777	3,697	1999	10/1/2015	35 years
THIRD STREET PROMENADE (California)	CA		22,645	12,709	43,693	25,125	53,922	79,047	31,389	1888-2000	1996-2000	35 years
TOWER (Virginia)	VA		7,170	10,518	4,019	7,280	14,427	21,707	8,465	1953-1960	8/24/1998	35 years
TOWER SHOPS (Florida)	FL		29,940	43,390	22,840	29,962	66,208	96,170	13,142	1989	1/19/11 & 6/13/14	35 years
TOWN CENTER OF NEW BRITAIN (Pennsylvania)	PA		1,282	12,285	1,575	1,470	13,672	15,142	4,659	1969	6/29/2006	35 years
TROY (New Jersey)	NJ		3,126	5,193	26,770	4,501	30,588	35,089	20,415	1966	7/23/1980	22 years
TYSON'S STATION (Virginia)	VA		388	453	3,782	475	4,148	4,623	3,583	1954	1/17/1978	17 years
VILLAGE AT SHIRLINGTON (Virginia)	VA	6,591	9,761	14,808	38,650	4,234	58,985	63,219	24,877	1940, 2006-2009	12/21/1995	35 years
WESTGATE CENTER (California)	CA		6,319	107,284	35,823	6,319	143,107	149,426	42,865	1960-1966	3/31/2004	35 years

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (Dollars in thousands)

COLUMN A		COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance		Initial cost to company				Cost Capitalized Subsequent to Acquisition		Gross amount at which carried at close of period						Accumulated Depreciation and Amortization		Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions		Encumbrance		Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition		Land		Building and Improvements		Total		Accumulated Depreciation and Amortization		Date of Construction	Date Acquired
WHITE MARSH PLAZA (Maryland)	MD			3,478		21,413		337		3,478		21,750		25,228		7,932		1987	3/8/2007	35 years
WHITE MARSH OTHER (Maryland)	MD			34,281		1,843		8,432		34,311		10,245		44,556		752		1985	3/8/2007	35 years
WILDWOOD (Maryland)	MD			9,111		1,061		9,484		9,111		10,545		19,656		8,484		1958	5/5/1969	33.33 years
WILLOW GROVE (Pennsylvania)	PA			1,499		6,643		21,954		1,499		28,597		30,096		25,190		1953	11/20/1984	35 years
WILLOW LAWN (Virginia)	VA			3,192		7,723		82,479		7,790		85,604		93,394		55,812		1957	12/5/1983	35 years
WYNNEWOOD (Pennsylvania)	PA			8,055		13,759		21,001		8,055		34,760		42,815		21,597		1948	10/29/1996	35 years
TOTALS		$	542,707	$	1,305,525	$	2,055,800	$	3,397,748	$	1,294,800	$	5,464,273	$	6,759,073	$	1,729,234

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2016 Reconciliation of Total Cost (in thousands)

Balance, December 31, 2013	$	5,149,463
Additions during period
Acquisitions	174,328
Improvements	329,674
Deduction during period—dispositions and retirements of property and transfer to joint venture	(44,467		)
Balance, December 31, 2014	5,608,998
Additions during period
Acquisitions	291,726
Improvements	281,471
Deduction during period—dispositions and retirements of property	(117,789		)
Balance, December 31, 2015	6,064,406
Additions during period
Acquisitions	229,296
Improvements	483,932
Deduction during period—dispositions and retirements of property	(18,561		)
Balance, December 31, 2016	$	6,759,073

_____________________


(1)	For Federal tax purposes, the aggregate cost basis is approximately $6.0 billion as of December 31, 2016.

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2016 Reconciliation of Accumulated Depreciation and Amortization (in thousands)

Balance, December 31, 2013	$	1,350,471
Additions during period—depreciation and amortization expense	155,662
Deductions during period—dispositions and retirements of property	(39,083		)
Balance, December 31, 2014	1,467,050
Additions during period—depreciation and amortization expense	156,513
Deductions during period—dispositions and retirements of property	(49,522		)
Balance, December 31, 2015	1,574,041
Additions during period—depreciation and amortization expense	173,244
Deductions during period—dispositions and retirements of property	(18,051		)
Balance, December 31, 2016	$	1,729,234

Schedule III Part II - Summary of Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2016

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Summary of Real Estate and Accumulated Depreciation

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (Dollars in thousands)

COLUMN A		COLUMN B	COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance	Initial cost to company				Cost Capitalized Subsequent to Acquisition		Gross amount at which carried at close of period						Accumulated Depreciation and Amortization		Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions		Encumbrance	Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition		Land		Building and Improvements		Total		Accumulated Depreciation and Amortization		Date of Construction	Date Acquired
150 POST STREET (California)	CA		$	11,685	$	9,181	$	15,243	$	11,685	$	24,424	$	36,109	$	16,232	1908/1965	10/23/1997	35 years
29TH PLACE (Virginia)	VA	4,514	10,211		18,863		11,730		10,195		30,609		40,804		10,522		1975 - 2001	5/30/2007	35 years
ANDORRA (Pennsylvania)	PA		2,432		12,346		11,013		2,432		23,359		25,791		18,269		1953	1/12/1988	35 years
ASSEMBLY ROW/ASSEMBLY SQUARE MARKETPLACE (Massachusetts)	MA		93,252		34,196		500,278		94,552		533,174		627,726		36,044		2005, 2012-2014	2005-2013	35 years
ATLANTIC PLAZA (Massachusetts)	MA		6,293		17,109		1,780		6,293		18,889		25,182		885		1960	1/13/2016	35 years
BALA CYNWYD (Pennsylvania)	PA		3,565		14,466		22,502		2,581		37,952		40,533		18,950		1955	9/22/1993	35 years
BARCROFT PLAZA (Virginia)	VA		12,617		29,603		630		12,617		30,233		42,850		984		1963, 1972, 1990, & 2000	1/13/16 & 11/7/16	35 years
BARRACKS ROAD (Virginia)	VA		4,363		16,459		42,978		4,363		59,437		63,800		39,882		1958	12/31/1985	35 years
BETHESDA ROW (Maryland)	MD		46,579		35,406		144,090		44,880		181,195		226,075		67,697		1945-2008	12/31/93, 6/2/97, 1/20/06, 9/25/08, 9/30/08, & 12/27/10	35 - 50 years
BRICK PLAZA (New Jersey)	NJ		—		24,715		45,437		3,945		66,207		70,152		45,645		1958	12/28/1989	35 years
BRISTOL PLAZA (Connecticut)	CT		3,856		15,959		10,963		3,856		26,922		30,778		16,623		1959	9/22/1995	35 years
BROOK 35 (New Jersey)	NJ	11,242	7,128		38,355		1,635		7,128		39,990		47,118		4,070		1986/2004	1/1/2014	35 years
CAMPUS PLAZA (Massachusetts)	MA		16,710		13,412		265		16,710		13,677		30,387		611		1970	1/13/2016	35 years
CHELSEA COMMONS (Massachusetts)	MA	6,328	9,417		19,466		13,958		9,396		33,445		42,841		7,486		1962/1969/2008	8/25/06, 1/30/07, & 7/16/08	35 years
COCOWALK (Florida)	FL		33,160		71,001		2,716		32,504		74,373		106,877		4,276		1990/1994, 1922-1973	5/4/15, 7/1/15, 12/16/15, & 7/26/16	35 years
COLORADO BLVD (California)	CA		5,262		4,071		10,032		5,262		14,103		19,365		10,262		1905-1988	12/31/96 & 8/14/98	35 years

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (Dollars in thousands)

COLUMN A		COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition	Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions		Encumbrance	Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition	Land	Building and Improvements	Total	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired
CONGRESSIONAL PLAZA (Maryland)	MD		2,793	7,424	90,748	1,020	99,945	100,965	50,640	1965/2003	4/1/1965	35 years
COURTHOUSE CENTER (Maryland)	MD		1,750	1,869	1,286	1,750	3,155	4,905	1,793	1975	12/17/1997	35 years
CROSSROADS (Illinois)	IL		4,635	11,611	15,879	4,635	27,490	32,125	15,719	1959	7/19/1993	35 years
CROW CANYON COMMONS (California)	CA		27,245	54,575	7,679	27,245	62,254	89,499	19,516	Late 1970's/ 1998/2006	12/29/05 & 2/28/07	35 years
DARIEN (Connecticut)	CT		29,809	18,302	810	29,809	19,112	48,921	2,424	1920-2009	4/3/2013	35 years
DEDHAM PLAZA (Massachusetts)	MA		14,834	12,918	10,564	14,834	23,482	38,316	14,734	1959	12/31/93 & 12/14/16	35 years
DEL MAR VILLAGE (Florida)	FL		15,624	41,712	5,252	15,587	47,001	62,588	18,573	1982/1994/2007	5/30/08, 7/11/08, & 10/14/14	35 years
EAST BAY BRIDGE (California)	CA		29,079	138,035	10,487	29,079	148,522	177,601	19,797	1994-2001, 2011/2012	12/21/2012	35 years
EASTGATE CROSSING (North Carolina)	NC		1,608	5,775	23,647	1,608	29,422	31,030	18,859	1963	12/18/1986	35 years
ELLISBURG (New Jersey)	NJ		4,028	11,309	19,112	4,013	30,436	34,449	19,374	1959	10/16/1992	35 years
ESCONDIDO PROMENADE (California)	CA		19,117	15,829	12,402	19,117	28,231	47,348	14,590	1987	12/31/96 & 11/10/10	35 years
FALLS PLAZA (Virginia)	VA		1,798	1,270	10,900	1,819	12,149	13,968	8,287	1960/1962	9/30/67 & 10/05/72	25 years
FEDERAL PLAZA (Maryland)	MD		10,216	17,895	39,531	10,216	57,426	67,642	40,896	1970	6/29/1989	35 years
FINLEY SQUARE (Illinois)	IL		9,252	9,544	17,995	9,252	27,539	36,791	18,537	1974	4/27/1995	35 years
FLOURTOWN (Pennsylvania)	PA		1,345	3,943	11,604	1,345	15,547	16,892	5,424	1957	4/25/1980	35 years
FREE STATE SHOPPING CENTER (Maryland)	MD		18,581	41,658	3,739	18,581	45,397	63,978	1,864	1970	1/13/2016	35 years
FRESH MEADOWS (New York)	NY		24,625	25,255	36,465	24,633	61,712	86,345	35,528	1946-1949	12/5/1997	35 years
FRIENDSHIP CENTER (District of Columbia)	DC		12,696	20,803	4,071	12,696	24,874	37,570	10,909	1998	9/21/2001	35 years
GAITHERSBURG SQUARE (Maryland)	MD		7,701	5,271	13,929	5,973	20,928	26,901	17,291	1966	4/22/1993	35 years
GARDEN MARKET (Illinois)	IL		2,677	4,829	6,089	2,677	10,918	13,595	7,016	1958	7/28/1994	35 years

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (Dollars in thousands)

COLUMN A		COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition	Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions		Encumbrance	Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition	Land	Building and Improvements	Total	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired
GOVERNOR PLAZA (Maryland)	MD		2,068	4,905	20,401	2,068	25,306	27,374	19,389	1963	10/1/1985	35 years
GRAHAM PARK PLAZA (Virginia)	VA		1,237	15,096	18,523	1,169	33,687	34,856	27,137	1971	7/21/1983	35 years
GRATIOT PLAZA (Michigan)	MI		525	1,601	17,694	525	19,295	19,820	16,620	1964	3/29/1973	25.75 years
GREENLAWN PLAZA (New York)	NY		10,590	20,869	213	10,590	21,082	31,672	875	1975/2004	1/13/2016	35 years
GREENWICH AVENUE (Connecticut)	CT		7,484	5,444	1,199	7,484	6,643	14,127	3,980	1968	4/12/1995	35 years
HAUPPAUGE (New York)	NY		8,791	15,262	4,577	8,419	20,211	28,630	10,977	1963	8/6/1998	35 years
HERMOSA AVENUE (California)	CA		1,116	280	4,459	1,368	4,487	5,855	3,129	1922	9/17/1997	35 years
HOLLYWOOD BLVD (California)	CA		8,300	16,920	21,502	8,370	38,352	46,722	13,294	1929/1991	3/22/99 & 6/18/99	35 years
HUNTINGTON (New York)	NY		12,195	16,008	18,372	12,195	34,380	46,575	14,516	1962	12/12/88, 10/26/07, & 11/24/15	35 years
HUNTINGTON SQUARE (New York)	NY		—	10,075	2,101	—	12,176	12,176	2,777	1980/2004-2007	8/16/2010	35 years
IDYLWOOD PLAZA (Virginia)	VA		4,308	10,026	2,453	4,308	12,479	16,787	8,505	1991	4/15/1994	35 years
KINGS COURT (California)	CA		—	10,714	952	—	11,666	11,666	8,331	1960	8/24/1998	26 years
LANCASTER (Pennsylvania)	PA	4,907	—	2,103	11,759	75	13,787	13,862	7,992	1958	4/24/1980	22 years
LANGHORNE SQUARE (Pennsylvania)	PA		720	2,974	18,236	720	21,210	21,930	14,439	1966	1/31/1985	35 years
LAUREL (Maryland)	MD		7,458	22,525	25,986	7,464	48,505	55,969	35,839	1956	8/15/1986	35 years
LAWRENCE PARK (Pennsylvania)	PA		5,723	7,160	20,117	5,734	27,266	33,000	24,029	1972	7/23/1980	22 years
LEESBURG PLAZA (Virginia)	VA		8,184	10,722	17,120	8,184	27,842	36,026	13,920	1967	9/15/1998	35 years
LINDEN SQUARE (Massachusetts)	MA		79,382	19,247	49,410	79,269	68,770	148,039	19,737	1960-2008	8/24/2006	35 years
MELVILLE MALL (New York)	NY		35,622	32,882	15,370	35,622	48,252	83,874	10,403	1974	10/16/2006	35 years
MERCER MALL (New Jersey)	NJ	55,618	28,684	48,028	44,258	28,717	92,253	120,970	37,484	1975	10/14/2003	25 - 35 years

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (Dollars in thousands)

COLUMN A		COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition	Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions		Encumbrance	Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition	Land	Building and Improvements	Total	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired
MONTROSE CROSSING (Maryland)	MD	72,726	48,624	91,819	13,772	48,624	105,591	154,215	20,987	1960s, 1970s, 1996 & 2011	12/27/11, 12/19/13	35 years
MOUNT VERNON/SOUTH VALLEY/7770 RICHMOND HWY. (Virginia)	VA		10,068	33,501	40,545	10,230	73,884	84,114	31,396	1966/1972/1987/2001	3/31/03, 3/21/03, & 1/27/06	35 years
NORTH DARTMOUTH (Massachusetts)	MA		9,366	—	2	9,366	2	9,368	—	2004	8/24/2006
NORTHEAST (Pennsylvania)	PA		1,152	10,596	16,482	1,153	27,077	28,230	19,721	1959	8/30/1983	35 years
NORTH LAKE COMMONS (Illinois)	IL		2,782	8,604	5,638	2,628	14,396	17,024	8,106	1989	4/27/1994	35 years
OLD KEENE MILL (Virginia)	VA		638	998	5,625	638	6,623	7,261	5,159	1968	6/15/1976	33.33 years
OLD TOWN CENTER (California)	CA		3,420	2,765	30,571	3,420	33,336	36,756	20,065	1962, 1997-1998	10/22/1997	35 years
PAN AM (Virginia)	VA		8,694	12,929	7,262	8,695	20,190	28,885	14,504	1979	2/5/1993	35 years
PENTAGON ROW (Virginia)	VA		—	2,955	95,154	—	98,109	98,109	42,881	1999 - 2002	1998 & 11/22/10	35 years
PERRING PLAZA (Maryland)	MD		2,800	6,461	21,677	2,800	28,138	30,938	22,232	1963	10/1/1985	35 years
PIKE & ROSE (Maryland)	MD		31,471	10,335	427,582	26,199	443,189	469,388	13,498	1963 & 2012-2014	5/18/82, 10/26/07, & 7/31/12	50 years
PIKE 7 PLAZA (Virginia)	VA		14,970	22,799	4,564	14,914	27,419	42,333	15,818	1968	3/31/1997 & 7/8/2015	35 years
PLAZA DEL MERCADO (Maryland)	MD		10,305	21,553	10,558	10,305	32,111	42,416	853	1969	1/13/2016	35 years
PLAZA EL SEGUNDO/THE POINT (California)	CA	176,209	62,127	153,556	63,039	64,463	214,259	278,722	32,104	2006/2007/2016	12/30/11, 6/14/13, 7/26/13 & 12/27/13	35 years
QUEEN ANNE PLAZA (Massachusetts)	MA		3,319	8,457	6,504	3,319	14,961	18,280	9,386	1967	12/23/1994	35 years
QUINCE ORCHARD (Maryland)	MD		3,197	7,949	26,927	2,928	35,145	38,073	17,738	1975	4/22/1993	35 years
ROCKVILLE TOWN SQUARE (Maryland)	MD	4,474	—	8,092	41,924	—	50,016	50,016	14,806	2005 - 2007	2006 - 2007	50 years

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (Dollars in thousands)

COLUMN A		COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance	Initial cost to company		Cost Capitalized Subsequent to Acquisition	Gross amount at which carried at close of period			Accumulated Depreciation and Amortization	Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions		Encumbrance	Land	Building and Improvements	Cost Capitalized Subsequent to Acquisition	Land	Building and Improvements	Total	Accumulated Depreciation and Amortization	Date of Construction	Date Acquired
ROLLINGWOOD APTS. (Maryland)	MD	21,221	552	2,246	7,746	572	9,972	10,544	8,988	1960	1/15/1971	25 years
SAM'S PARK & SHOP (District of Columbia)	DC		4,840	6,319	1,585	4,840	7,904	12,744	4,925	1930	12/1/1995	35 years
SAN ANTONIO CENTER (California)	CA		39,920	32,466	1,114	39,920	33,580	73,500	3,206	1958, 1964-1965, 1974-1975, 1995-1997	1/9/2015	35 years
SANTANA ROW (California)	CA		66,682	7,502	732,733	57,578	749,339	806,917	166,872	1999-2006, 2009, 2011, 2014, 2016	3/5/97, 7/13/12, 9/6/12, 4/30/13 & 9/23/13	40 - 50 years
SAUGUS PLAZA (Massachusetts)	MA		4,383	8,291	2,583	4,383	10,874	15,257	6,274	1976	10/1/1996	35 years
THE AVENUE AT WHITE MARSH (Maryland)	MD	52,436	20,682	72,432	12,961	20,685	85,390	106,075	28,432	1997	3/8/2007	35 years
THE GROVE AT SHREWSBURY (New Jersey)	NJ	54,212	18,016	103,115	2,625	18,021	105,735	123,756	10,395	1988/1993/2007	1/1/2014 & 10/6/14	35 years
THE SHOPPES AT NOTTINGHAM SQUARE (Maryland)	MD		4,441	12,849	170	4,441	13,019	17,460	4,447	2005 - 2006	3/8/2007	35 years
THE SHOPS AT SUNSET PLACE (Florida)	FL	72,229	64,499	50,853	5,425	64,499	56,278	120,777	3,697	1999	10/1/2015	35 years
THIRD STREET PROMENADE (California)	CA		22,645	12,709	43,693	25,125	53,922	79,047	31,389	1888-2000	1996-2000	35 years
TOWER (Virginia)	VA		7,170	10,518	4,019	7,280	14,427	21,707	8,465	1953-1960	8/24/1998	35 years
TOWER SHOPS (Florida)	FL		29,940	43,390	22,840	29,962	66,208	96,170	13,142	1989	1/19/11 & 6/13/14	35 years
TOWN CENTER OF NEW BRITAIN (Pennsylvania)	PA		1,282	12,285	1,575	1,470	13,672	15,142	4,659	1969	6/29/2006	35 years
TROY (New Jersey)	NJ		3,126	5,193	26,770	4,501	30,588	35,089	20,415	1966	7/23/1980	22 years
TYSON'S STATION (Virginia)	VA		388	453	3,782	475	4,148	4,623	3,583	1954	1/17/1978	17 years
VILLAGE AT SHIRLINGTON (Virginia)	VA	6,591	9,761	14,808	38,650	4,234	58,985	63,219	24,877	1940, 2006-2009	12/21/1995	35 years
WESTGATE CENTER (California)	CA		6,319	107,284	35,823	6,319	143,107	149,426	42,865	1960-1966	3/31/2004	35 years

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (Dollars in thousands)

COLUMN A		COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H	COLUMN I
Descriptions		Encumbrance		Initial cost to company				Cost Capitalized Subsequent to Acquisition		Gross amount at which carried at close of period						Accumulated Depreciation and Amortization		Date of Construction	Date Acquired	Life on which depreciation in latest income statements is computed
Descriptions		Encumbrance		Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition		Land		Building and Improvements		Total		Accumulated Depreciation and Amortization		Date of Construction	Date Acquired
WHITE MARSH PLAZA (Maryland)	MD			3,478		21,413		337		3,478		21,750		25,228		7,932		1987	3/8/2007	35 years
WHITE MARSH OTHER (Maryland)	MD			34,281		1,843		8,432		34,311		10,245		44,556		752		1985	3/8/2007	35 years
WILDWOOD (Maryland)	MD			9,111		1,061		9,484		9,111		10,545		19,656		8,484		1958	5/5/1969	33.33 years
WILLOW GROVE (Pennsylvania)	PA			1,499		6,643		21,954		1,499		28,597		30,096		25,190		1953	11/20/1984	35 years
WILLOW LAWN (Virginia)	VA			3,192		7,723		82,479		7,790		85,604		93,394		55,812		1957	12/5/1983	35 years
WYNNEWOOD (Pennsylvania)	PA			8,055		13,759		21,001		8,055		34,760		42,815		21,597		1948	10/29/1996	35 years
TOTALS		$	542,707	$	1,305,525	$	2,055,800	$	3,397,748	$	1,294,800	$	5,464,273	$	6,759,073	$	1,729,234

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2016 Reconciliation of Total Cost (in thousands)

Balance, December 31, 2013	$	5,149,463
Additions during period
Acquisitions	174,328
Improvements	329,674
Deduction during period—dispositions and retirements of property and transfer to joint venture	(44,467		)
Balance, December 31, 2014	5,608,998
Additions during period
Acquisitions	291,726
Improvements	281,471
Deduction during period—dispositions and retirements of property	(117,789		)
Balance, December 31, 2015	6,064,406
Additions during period
Acquisitions	229,296
Improvements	483,932
Deduction during period—dispositions and retirements of property	(18,561		)
Balance, December 31, 2016	$	6,759,073

_____________________


(1)	For Federal tax purposes, the aggregate cost basis is approximately $6.0 billion as of December 31, 2016.

FEDERAL REALTY INVESTMENT TRUST SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED Three Years Ended December 31, 2016 Reconciliation of Accumulated Depreciation and Amortization (in thousands)

Balance, December 31, 2013	$	1,350,471
Additions during period—depreciation and amortization expense	155,662
Deductions during period—dispositions and retirements of property	(39,083		)
Balance, December 31, 2014	1,467,050
Additions during period—depreciation and amortization expense	156,513
Deductions during period—dispositions and retirements of property	(49,522		)
Balance, December 31, 2015	1,574,041
Additions during period—depreciation and amortization expense	173,244
Deductions during period—dispositions and retirements of property	(18,051		)
Balance, December 31, 2016	$	1,729,234

Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2016

Mortgage Loans on Real Estate [Abstract]

Schedule IV - Mortgage Loans on Real Estate

FEDERAL REALTY INVESTMENT TRUST SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE Year Ended December 31, 2016 (Dollars in thousands)

Column A	Column B	Column C	Column D	Column E		Column F		Column G			Column H
Description of Lien	Interest Rate	Maturity Date	Periodic Payment Terms	Prior Liens		Face Amount of Mortgages		Carrying Amount of Mortgages(1)			Principal Amount of Loans Subject to delinquent Principal or Interest
Mortgage on retail buildings in Philadelphia, PA	8% or 10% based on timing of draws, plus participation	May 2021	Interest only monthly; balloon payment due at maturity	$	—	$	20,654	$	20,654	(2)	$	—
Mortgage on retail buildings in Philadelphia, PA	10% plus participation	May 2021	Interest only monthly; balloon payment due at maturity	—		9,250		9,250			—
				$	—	$	29,904	$	29,904		$	—

_____________________


(1)	For Federal tax purposes, the aggregate tax basis is approximately $29.9 million as of December 31, 2016.


(2)	This mortgage is available for up to $25.0 million.

FEDERAL REALTY INVESTMENT TRUST SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - CONTINUED Three Years Ended December 31, 2016 Reconciliation of Carrying Amount (in thousands)


Balance, December 31, 2013	$	55,155
Deductions during period:
Collection and satisfaction of loans	(4,778		)
Amortization of discount	611
Balance, December 31, 2014	50,988
Additions during period:
Issuance of loans	368
Deductions during period:
Collection and satisfaction of loans	(10,692		)
Amortization of discount	954
Balance, December 31, 2015	41,618
Deductions during period:
Collection and satisfaction of loans	(11,714		)
Balance, December 31, 2016	$	29,904

Summary Of Significant Accounting Policies (Policy)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Principles of Consolidation

Use of Estimates

Revenue Recognition and Accounts Receivable

Real Estate

Cash and Cash Equivalents

Prepaid Expenses and Other Assets

Debt Issuance Costs

Derivative Instruments

See Note 8 for additional disclosures relating to our two existing interest rate swap agreements.

Mortgage Notes Receivable

Share Based Compensation

Variable Interest Entities

Redeemable Noncontrolling Interests

The following table provides a rollforward of the redeemable noncontrolling interests:



	Year Ended
	December 31,
	2016			2015
	(In thousands)
Beginning balance	$	137,316		$	119,053
Net income	2,713			3,423
Distributions & Redemptions	(16,426		)	(4,286		)
Contributions	—			12
Change in redemption value	20,091			19,114
Ending balance	$	143,694		$	137,316

On February 12, 2016, we acquired the 10% noncontrolling interest in the partnership that owns our Hollywood Blvd project for $13.0 million, bringing our ownership interest to 100%.

Income Taxes

Segment Information

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Rollforward table of the redeemable noncontrolling interest

The following table provides a rollforward of the redeemable noncontrolling interests:



	Year Ended
	December 31,
	2016			2015
	(In thousands)
Beginning balance	$	137,316		$	119,053
Net income	2,713			3,423
Distributions & Redemptions	(16,426		)	(4,286		)
Contributions	—			12
Change in redemption value	20,091			19,114
Ending balance	$	143,694		$	137,316

Schedule of supplemental disclosures related to the Consolidated Statements Of Cash Flows

The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows:



	Year Ended December 31,
	2016			2015			2014
	(In thousands)
SUPPLEMENTAL DISCLOSURES:
Total interest costs incurred	$	113,016		$	110,675		$	114,912
Interest capitalized	(18,022		)	(18,122		)	(20,971		)
Interest expense	$	94,994		$	92,553		$	93,941
Cash paid for interest, net of amounts capitalized	$	90,185		$	116,335		$	100,011
Cash paid for income taxes	$	296		$	274		$	278
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Mortgage loans assumed with acquisition	$	34,385		$	89,516		$	68,282
DownREIT operating partnership units redeemed for common shares	$	18,679		$	4,114		$	—
DownREIT operating partnership units issued with acquisition	$	—		$	7,742		$	65,348
Mortgage loans refinanced	$	—		$	—		$	64,205
Repayment of note payable with public funding/related construction-in-progress offset	$	—		$	—		$	10,000
Shares issued under dividend reinvestment plan	$	2,017		$	1,977		$	1,855

See Note 3 for additional disclosures relating to the Clarion Partners, San Antonio Center, CocoWalk, and The Shops at Sunset Place acquisitions.

Real Estate (Tables)

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

Summary of real estate investments and related encumbrances

A summary of our real estate investments and related encumbrances is as follows:



	Cost		Accumulated Depreciation and Amortization			Encumbrances
	(In thousands)
December 31, 2016
Retail and mixed-use properties	$	6,621,170	$	(1,677,938	)	$	449,896
Retail properties under capital leases	127,359		(42,308		)	71,590
Residential	10,544		(8,988		)	21,221
	$	6,759,073	$	(1,729,234	)	$	542,707
December 31, 2015
Retail and mixed-use properties	$	5,929,569	$	(1,526,934	)	$	459,454
Retail properties under capital leases	124,590		(38,509		)	71,620
Residential	10,247		(8,598		)	21,630
	$	6,064,406	$	(1,574,041	)	$	552,704

Real Estate Partnerships (Tables)

12 Months Ended

Dec. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Summarized operating results and the financial position of Partnership

The following tables provide summarized operating results and the financial position of the Partnership:



	Year Ended December 31,
	2015		2014

OPERATING RESULTS
Revenue	$	17,405	$	18,329
Expenses
Other operating expenses	5,992		5,948
Depreciation and amortization	4,974		5,678
Interest expense	2,062		2,759
Total expenses	13,028		14,385
Net income before gain on sale of real estate	4,377		3,944
Gain on sale of real estate	—		14,507
Net income	$	4,377	$	18,451
Our share of net income from real estate partnership before gain on sale of real estate	$	1,557	$	1,423
Our share of gain on sale of real estate	$	—	$	4,401



	December 31,
	2015
	(In thousands)
BALANCE SHEETS
Real estate, net	$	146,906
Cash	2,690
Other assets	5,495
Total assets	$	155,091
Mortgages payable	$	34,385
Other liabilities	3,554
Partners’ capital	117,152
Total liabilities and partners’ capital	$	155,091
Our share of unconsolidated debt	$	10,316
Our investment in real estate partnership	$	31,745

Acquired In-Place Leases (Tables)

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Amortization for acquired in-place leases during the next five years and thereafter

The amortization for acquired in-place leases during the next five years and thereafter, assuming no early lease terminations, is as follows:



	Above Market Leases		Below Market Leases
	(In thousands)
Year ending December 31,
2017	$	4,468	$	7,538
2018	3,013		6,345
2019	1,718		5,951
2020	1,356		4,993
2021	1,136		4,377
Thereafter	5,551		60,122
	$	17,242	$	89,326

Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt Instrument [Line Items]

Summary of total debt outstanding

The following is a summary of our total debt outstanding as of December 31, 2016 and 2015:



	Principal Balance as of December 31,						Stated Interest Rate as of
Description of Debt	2016			2015			December 31, 2016		Stated Maturity Date
Mortgages payable	(Dollars in thousands)
Plaza El Segundo	$	175,000		$	175,000		6.33	%	August 5, 2017
The Grove at Shrewsbury (East)	42,536			43,557			5.82	%	October 1, 2017
The Grove at Shrewsbury (West)	10,792			11,024			6.38	%	March 1, 2018
Rollingwood Apartments	21,283			21,716			5.54	%	May 1, 2019
The Shops at Sunset Place	68,634			70,542			5.62	%	September 1, 2020
29th Place	4,553			4,753			5.91	%	January 31, 2021
THE AVENUE at White Marsh	52,705			52,705			3.35	%	January 1, 2022
Montrose Crossing	72,726			74,329			4.20	%	January 10, 2022
Brook 35	11,500			11,500			4.65	%	July 1, 2029
Chelsea	6,576			6,868			5.36	%	January 15, 2031
Subtotal	466,305			471,994
Net unamortized premium and debt issuance costs	4,812			9,090
Total mortgages payable	471,117			481,084
Notes payable
Escondido (municipal bonds)	—			9,400					October 1, 2016
Revolving credit facility	—			53,500			LIBOR + 0.825%		April 20, 2020
Term loan	275,000			275,000			LIBOR + 0.90%		November 21, 2018
Various	5,247			5,700			11.31	%	Various through 2028
Subtotal	280,247			343,600
Net unamortized debt issuance costs	(1,096		)	(1,639		)
Total notes payable	279,151			341,961
Senior notes and debentures
5.90% notes	150,000			150,000			5.90	%	April 1, 2020
2.55% notes	250,000			250,000			2.55	%	January 15, 2021
3.00% notes	250,000			250,000			3.00	%	August 1, 2022
2.75% notes	275,000			275,000			2.75	%	June 1, 2023
3.95% notes	300,000			300,000			3.95	%	January 15, 2024
7.48% debentures	29,200			29,200			7.48	%	August 15, 2026
6.82% medium term notes	40,000			40,000			6.82	%	August 1, 2027
4.50% notes	450,000			450,000			4.50	%	December 1, 2044
3.625% notes	250,000			—			3.625	%	August 1, 2046
Subtotal	1,994,200			1,744,200
Net unamortized (discount)/premium and debt issuance costs	(17,606		)	(11,649		)
Total senior notes and debentures	1,976,594			1,732,551
Capital lease obligations
Various	71,590			71,620			Various		Various through 2106
Total debt and capital lease obligations	$	2,798,452		$	2,627,216

Schedule of principal payments on mortgages payable, notes payable, senior notes and debentures

Scheduled principal payments on mortgages payable, notes payable, senior notes and debentures as of December 31, 2016 are as follows:



	Mortgages Payable		Notes Payable			Senior Notes and Debentures		Total Principal
	(In thousands)
Year ending December 31,
2017	$	222,445	$	462		$	—	$	222,907
2018	15,477		275,513		(1)	—		290,990
2019	25,006		567			—		25,573
2020	64,687		629		(2)	150,000		215,316
2021	5,984		700			250,000		256,684
Thereafter	132,706		2,376			1,594,200		1,729,282
	$	466,305	$	280,247		$	1,994,200	$	2,740,752	(3)

_____________________


(1)	Our $275.0 million unsecured term loan matures on November 21, 2018, subject to a one-year extension at our option.


(2)	Our $800.0 million revolving credit facility matures on April 20, 2020, subject to two six-month extensions at our option. As of December 31, 2016, there was no outstanding balance under this credit facility.


(3)	The total debt maturities differ from the total reported on the consolidated balance sheet as of December 31, 2016 due to the unamortized premium/(discount) and debt issuance costs on certain mortgages payable, notes payable, and senior notes.

Schedule of future minimum lease payments and their present value for property under capital leases

Future minimum lease payments and their present value for property under capital leases as of December 31, 2016, are as follows:




	(In thousands)
Year ending December 31,
2017	$	5,797
2018	5,800
2019	5,800
2020	5,800
2021	5,800
Thereafter	148,235
	177,232
Less amount representing interest	(105,642		)
Present value	$	71,590

Fair Value Of Financial Instruments Fair Value Of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Summary of carrying amount and fair value of financial instruments

A summary of the carrying amount and fair value of our mortgages payable, notes payable and senior notes and debentures is as follows:



	December 31, 2016				December 31, 2015
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In thousands)
Mortgages and notes payable	$	750,268	$	760,260	$	823,045	$	833,931
Senior notes and debentures	$	1,976,594	$	2,015,973	$	1,732,551	$	1,786,758

Summary of financial liabilities measured at fair value on a recurring basis

A summary of our financial liabilities that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows:



	December 31, 2016								December 31, 2015
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Interest rate swaps	$	—	$	2,577	$	—	$	2,577	$	—	$	4,110	$	—	$	4,110

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Minimum annual payments

We are obligated under ground lease agreements on several shopping centers requiring minimum annual payments as follows, as of December 31, 2016:




	(In thousands)
Year ending December 31,
2017	$	2,070
2018	3,021
2019	3,174
2020	3,187
2021	3,195
Thereafter	170,698
	$	185,345

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

+ References + Details

Dividends (Tables)

12 Months Ended

Dec. 31, 2016

Dividends [Abstract]

Summary of dividends declared and paid per share

The following table provides a summary of dividends declared and paid per share:



	Year Ended December 31,
	2016				2015				2014
	Declared		Paid		Declared		Paid		Declared		Paid
Common shares	$	3.840	$	3.800	$	3.620	$	3.550	$	3.300	$	3.210
5.417% Series 1 Cumulative Convertible Preferred shares	$	1.354	$	1.354	$	1.354	$	1.354	$	1.354	$	1.354

Summary of income tax status of dividends per share paid

A summary of the income tax status of dividends per share paid is as follows:



	Year Ended December 31,
	2016		2015		2014
Common shares
Ordinary dividend	$	3.800	$	3.515	$	3.178
Capital gain	—		0.035		0.032
	$	3.800	$	3.550	$	3.210
5.417% Series 1 Cumulative Convertible Preferred shares
Ordinary dividend	$	1.354	$	1.340	$	1.340
Capital gain	—		0.014		0.014
	$	1.354	$	1.354	$	1.354

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2016

Leases [Abstract]

Schedule of minimum future commercial property rentals from noncancelable operating leases




	(In thousands)
Year ending December 31,
2017	$	542,941
2018	488,668
2019	427,595
2020	365,231
2021	297,953
Thereafter	1,681,024
	$	3,803,412

Components of Rental Income and Expense (Tables)

12 Months Ended

Dec. 31, 2016

Components Of Rental Income and Expense [Abstract]

Schedule of principal components of rental income

The principal components of rental income are as follows:



	Year Ended December 31,
	2016		2015		2014
	(In thousands)
Minimum rents
Retail and commercial	$	549,552	$	509,825	$	472,602
Residential	49,465		42,797		36,099
Cost reimbursement	158,042		148,110		135,592
Percentage rent	10,977		11,911		10,169
Other	18,547		15,169		11,860
Total rental income	$	786,583	$	727,812	$	666,322

Schedule of minimum rents

Minimum rents include the following:



	Year Ended December 31,
	2016		2015		2014
	(In millions)
Straight-line rents	$	8.1	$	7.6	$	5.1
Net amortization of above and below market leases	$	1.8	$	2.7	$	2.4

Schedule of principal components of rental expenses

The principal components of rental expenses are as follows:



	Year Ended December 31,
	2016		2015		2014
	(In thousands)
Repairs and maintenance	$	64,942	$	62,420	$	55,444
Utilities	24,968		23,003		20,499
Management fees and costs	20,823		18,639		17,416
Payroll	13,832		12,673		11,554
Marketing	8,520		9,046		9,532
Insurance	7,758		7,875		6,462
Ground rent	2,561		2,540		1,952
Bad debt expense	2,375		1,168		2,021
Other operating	12,547		10,229		10,537
Total rental expenses	$	158,326	$	147,593	$	135,417

Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of share-based compensation expense

A summary of share-based compensation expense included in net income is as follows:



	Year Ended December 31,
	2016			2015			2014
	(In thousands)

Grants of common shares and options	$	11,227		$	12,074		$	12,941
Capitalized share-based compensation	(1,310		)	(868		)	(1,188		)
Share-based compensation expense	$	9,917		$	11,206		$	11,753

Summary of weighted average assumptions used to value options granted

The following table provides a summary of the weighted-average assumption used to value options granted in 2016:



Volatility	18.8	%
Expected dividend yield	2.8	%
Expected term (in years)	6.0
Risk free interest rate	1.5	%

Summary of option activity

The following table provides a summary of option activity for 2016:



	Shares Under Option		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
					(In years)	(In thousands)
Outstanding at December 31, 2015	313,802		$	60.93
Granted	682		152.34
Exercised	(55,365	)	82.03
Forfeited or expired	—		—
Outstanding at December 31, 2016	259,119		$	56.66	1.7	$	22,148
Exercisable at December 31, 2016	258,437		$	56.41	1.7	$	22,148

Summary of restricted share activity

The following table provides a summary of restricted share activity for 2016:



	Shares		Weighted-Average Grant-Date Fair Value
Unvested at December 31, 2015	177,214		$	118.68
Granted	153,450		152.70
Vested	(94,774	)	116.62
Forfeited	(18,537	)	129.08
Unvested at December 31, 2016	217,353		$	142.70

Schedule of common shares awarded under various compensation plans

Subsequent to December 31, 2016, common shares were awarded under various compensation plans as follows:



Date	Award		Vesting Term	Beneficiary
January 3, 2017	4,751	Shares	Immediate	Trustees
February 7, 2017	101,009	Restricted shares	3-4 years	Officers and key employees

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Schedule of earnings per share



	Year Ended December 31,
	2016			2015			2014
	(In thousands, except per share data)
NUMERATOR
Income from continuing operations	$	226,425		$	190,094		$	167,888
Less: Preferred share dividends	(541		)	(541		)	(541		)
Less: Income from continuing operations attributable to noncontrolling interests	(7,648		)	(8,205		)	(7,754		)
Less: Earnings allocated to unvested shares	(702		)	(797		)	(1,003		)
Income from continuing operations available for common shareholders	217,534			180,551			158,590
Gain on sale of real estate and change in control of interests, net	31,133			28,330			4,401
Net income available for common shareholders, basic and diluted	$	248,667		$	208,881		$	162,991
DENOMINATOR
Weighted average common shares outstanding—basic	70,877			68,797			67,322
Effect of dilutive securities:
Stock options	172			184			170
Weighted average common shares outstanding—diluted	71,049			68,981			67,492

EARNINGS PER COMMON SHARE, BASIC
Continuing operations	$	3.07		$	2.63		$	2.35
Gain on sale of real estate and change in control of interests, net	0.44			0.41			0.07
	$	3.51		$	3.04		$	2.42
EARNINGS PER COMMON SHARE, DILUTED
Continuing operations	$	3.06		$	2.62		$	2.34
Gain on sale of real estate and change in control of interests, net	0.44			0.41			0.07
	$	3.50		$	3.03		$	2.41
Income from continuing operations attributable to the Trust	$	218,777		$	181,889		$	160,134

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Summary of quarterly financial data

Summarized quarterly financial data is as follows:



	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	(In thousands, except per share data)
2016
Revenue	$	198,344	$	197,981	$	201,157	$	204,109
Operating income	$	76,922	$	80,135	$	80,461	$	83,477
Net income(1)	$	79,063	$	58,898	$	61,198	$	59,724
Net income attributable to the Trust(1)	$	76,955	$	55,941	$	58,977	$	58,037
Net income available for common shareholders(1)	$	76,820	$	55,806	$	58,841	$	57,902
Earnings per common share—basic(1)	$	1.10	$	0.79	$	0.82	$	0.81
Earnings per common share—diluted(1)	$	1.10	$	0.78	$	0.82	$	0.80
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	(In thousands, except per share data)
2015
Revenue	$	184,792	$	181,461	$	185,252	$	192,507
Operating income	$	72,122	$	76,201	$	75,917	$	75,914
Net income(1)	$	48,203	$	45,673	$	54,550	$	69,998
Net income attributable to the Trust(1)	$	46,186	$	43,632	$	52,447	$	67,954
Net income available for common shareholders(1)	$	46,051	$	43,497	$	52,311	$	67,819
Earnings per common share—basic(1)	$	0.67	$	0.63	$	0.75	$	0.98
Earnings per common share—diluted(1)	$	0.67	$	0.63	$	0.75	$	0.97

(1)

Business And Organization (Details)	12 Months Ended
Business And Organization (Details)	Dec. 31, 2016 project
Nature Of Operations [Abstract]
Number of real estate properties	96
Minimum percentage of taxable income distributed to shareholders	90.00%

Summary Of Significant Accounting Policies (Revenue Recognition and Accounts Receivable) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 11.9	$ 11.7
Collection of accounts receivable, period	1 year
Accounts receivable related to straight-line rents	$ 80.6	$ 72.7

Summary Of Significant Accounting Policies (Real Estate) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Real estate depreciation expense	$ 173.2	$ 156.5	$ 155.7
Building and Building Improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	35 years
Building and Building Improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	50 years
Minor Improvements, Furniture and Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	2 years
Minor Improvements, Furniture and Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years

Summary Of Significant Accounting Policies (Cash and Cash Equivalents) (Details) $ in Millions	Dec. 31, 2016 USD ($)
Accounting Policies [Abstract]
Cash in excess of the FDIC insured limit	$ 19.7

Summary Of Significant Accounting Policies (Derivative Instruments and Mortgage Notes Receivable) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($) agreement
Derivatives, Fair Value [Line Items]
Interest rate swaps associated with cash flow hedges to be reclassified within the next twelve months \| $	$ 2.1
Residual profit maximum	50.00%
Interest Rate Swap \| Fair Value, Measurements, Recurring
Derivatives, Fair Value [Line Items]
Number of interest rate swap agreements \| agreement	2

Summary Of Significant Accounting Policies (Variable Interest Entities) (Details) $ in Millions	Dec. 31, 2016 USD ($)	Jan. 01, 2016 USD ($)
Variable Interest Entity [Line Items]
Number of consolidated variable interest entities	14
Net real estate assets of consolidated VIEs	$ 1,017.7
Maximum exposure to loss in variable interest entity	439.1
Pike and Rose Hotel JV
Variable Interest Entity [Line Items]
Maximum exposure to loss in variable interest entity	$ 13.5	$ 13.5
Adjustments for New Accounting Pronouncement \| Previous voting interest entity
Variable Interest Entity [Line Items]
Number of variable interest entities previously consolidated as voting interest entities		10
Net real estate assets of consolidated VIEs		$ 566.1

Summary Of Significant Accounting Policies (Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Rollforward of Redeemable Noncontrolling Interests
Beginning balance	$ 137,316	$ 119,053
Net income	2,713	3,423	$ 3,452
Distributions & Redemptions	(16,426)	(4,286)
Contributions	0	12
Change in redemption value	20,091	19,114
Ending balance	143,694	137,316	119,053
Redeemable Noncontrolling Interest [Line Items]
Redemption of redeemable noncontrolling interests	$ 13,018	$ 0	$ 0

Summary Of Significant Accounting Policies (Income Taxes and Segments) (Details)	12 Months Ended
	Dec. 31, 2016 USD ($) segment property	Dec. 31, 2015 USD ($)
Accounting Policies [Abstract]
Minimum percentage of taxable income distributed to shareholders	90.00%
Material unrecognized tax benefits \| $	$ 0	$ 0
Number of properties exceeding segment reporting threshold \| property	0
Segment reporting threshold	10% of our revenues or property operating income
Number of segments \| segment	1

Summary Of Significant Accounting Policies (Recently Adopted Accounting Pronouncements) (Details) $ in Thousands	Dec. 31, 2016 USD ($)	Jan. 01, 2016 USD ($)	Dec. 31, 2015 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net real estate assets of VIEs previously consolidated as voting interest entities	$ 1,017,700
Mortgage Payable From Consolidated Variable Interest Entities	439,120		$ 448,315
Maximum exposure to loss in variable interest entity	439,100
Pike and Rose Hotel JV
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investment in variable interest entity		$ 6,600
Maximum exposure to loss in variable interest entity	$ 13,500	$ 13,500
Adjustments for New Accounting Pronouncement
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Unamortized debt issuance costs			$ 15,200
Adjustments for New Accounting Pronouncement \| Previous voting interest entity
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of variable interest entities previously consolidated as voting interest entities		10
Net real estate assets of VIEs previously consolidated as voting interest entities		$ 566,100
Mortgage Payable From Consolidated Variable Interest Entities		$ 194,900

Summary Of Significant Accounting Policies (Recently Issued Accounting Pronouncements) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($)
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Transaction costs for single shopping center acquisitions	$ 0.2
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Transaction costs for single shopping center acquisitions	$ 2.4

Summary Of Significant Accounting Policies (Supplemental Cash Flow Disclosures) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Supplemental Cash Flow Information [Abstract]
Total interest costs incurred	$ 113,016	$ 110,675	$ 114,912
Interest capitalized	18,022	18,122	20,971
Interest expense	94,994	92,553	93,941
Cash paid for interest, net of amounts capitalized	90,185	116,335	100,011
Cash paid for income taxes	296	274	278
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Mortgage loans assumed with acquisition	34,385	89,516	68,282
DownREIT operating partnership units redeemed for common shares	18,679	4,114	0
DownREIT operating partnership units issued with acquisition	0	7,742	65,348
Mortgage loans refinanced	0	0	64,205
Repayment of note payable with public funding/related construction-in-progress offset	0	0	10,000
Shares issued under dividend reinvestment plan	$ 2,017	$ 1,977	$ 1,855
Minimum \| Retail and commercial
Operating Leased Assets [Line Items]
Operating lease, term	3 years
Maximum \| Retail and commercial
Operating Leased Assets [Line Items]
Operating lease, term	10 years

Real Estate (Summary Of Real Estate Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Cost	$ 6,759,073	$ 6,064,406
Accumulated Depreciation and Amortization	(1,729,234)	(1,574,041)
Encumbrances	542,707	552,704
Retail and mixed-use properties
Real Estate Properties [Line Items]
Cost	6,621,170	5,929,569
Accumulated Depreciation and Amortization	(1,677,938)	(1,526,934)
Encumbrances	449,896	459,454
Retail properties under capital leases
Real Estate Properties [Line Items]
Cost	127,359	124,590
Accumulated Depreciation and Amortization	(42,308)	(38,509)
Encumbrances	71,590	71,620
Residential
Real Estate Properties [Line Items]
Cost	10,544	10,247
Accumulated Depreciation and Amortization	(8,988)	(8,598)
Encumbrances	$ 21,221	$ 21,630

Real Estate (Significant Acquisitions and Dispositions) (Details) $ in Thousands											3 Months Ended			6 Months Ended	12 Months Ended			24 Months Ended
	Nov. 07, 2016 USD ($)	Jul. 26, 2016 USD ($)	May 12, 2016 USD ($)	Jan. 13, 2016 USD ($) property	Nov. 19, 2015 USD ($)	Oct. 01, 2015 USD ($) ft²	Jul. 08, 2015 USD ($)	May 04, 2015 USD ($) ft²	Apr. 24, 2015 USD ($)	Jan. 09, 2015 USD ($) ft² shares	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Jun. 30, 2015 USD ($)	Dec. 16, 2015 USD ($) building	Dec. 31, 2016 USD ($) project	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2016 USD ($) project	Dec. 31, 2015 USD ($)	Feb. 25, 2015 USD ($)
Business Acquisition and Disposition
Mortgage loans assumed with acquisition															$ 34,385	$ 89,516	$ 68,282
Number of real estate properties \| project															96			96
Contributions from noncontrolling interests															$ 885	34,737	$ 65,350
Houston Street
Business Acquisition and Disposition
Proceeds from sale									$ 46,100
Gain on sale of real estate									$ 11,500				$ 11,500
Courtyard Shops
Business Acquisition and Disposition
Proceeds from sale					$ 52,800
Gain on sale of real estate					$ 16,800							$ 16,800
Clarion
Business Acquisition and Disposition
Ownership percentage in partnership				70.00%
Purchase Price				$ 153,700
Cash paid in acquisition				130,000
Mortgage loans assumed with acquisition				$ 34,400
Number of real estate properties \| property				6
Gain on acquisition of controlling interest				$ 25,700							$ 25,700
A building adjacent to our Barcroft Plaza property
Business Acquisition and Disposition
Purchase Price	$ 5,300
San Antonio Center
Business Acquisition and Disposition
Square footage of real estate property \| ft²										376,000
Gross value										$ 62,200
Effective interest percentage										80.00%
Number of downREIT Operating Partnership Units Issued in Connection with Business Acquisition \| shares										58,000
Cash paid in acquisition										$ 27,000
Mortgage loans assumed with acquisition										18,700
Contributions from noncontrolling interests										16,300
CocoWalk
Business Acquisition and Disposition
Square footage of real estate property \| ft²								198,000
Purchase Price								$ 87,500
Common interest percentage								80.00%
Contributions from noncontrolling interests								$ 6,900
The Shops at Sunset Place
Business Acquisition and Disposition
Square footage of real estate property \| ft²						515,000
Purchase Price						$ 110,200
Mortgage loans assumed with acquisition						$ 70,800
Ownership interest						85.00%
Contributions from noncontrolling interests						$ 6,300
Other Liabilities \| Clarion
Business Acquisition and Disposition
Net assets acquired allocated to below market leases				4,900
Other Liabilities \| San Antonio Center
Business Acquisition and Disposition
Net assets acquired allocated to below market leases										19,100
Other Liabilities \| CocoWalk
Business Acquisition and Disposition
Net assets acquired allocated to below market leases								4,300
Other Liabilities \| The Shops at Sunset Place
Business Acquisition and Disposition
Net assets acquired allocated to below market leases						6,600
Other Assets \| Above Market Leases \| Clarion
Business Acquisition and Disposition
Net assets acquired allocated to above market leases				$ 7,300
Other Assets \| Above Market Leases \| San Antonio Center
Business Acquisition and Disposition
Net assets acquired allocated to above market leases										$ 8,100
Other Assets \| Above Market Leases \| CocoWalk
Business Acquisition and Disposition
Net assets acquired allocated to above market leases								$ 1,500
Other Assets \| Above Market Leases \| The Shops at Sunset Place
Business Acquisition and Disposition
Net assets acquired allocated to above market leases						$ 4,800
General and Administrative Expense \| Clarion
Business Acquisition and Disposition
Acquisition costs															100			$ 200
General and Administrative Expense \| A building adjacent to our Barcroft Plaza property
Business Acquisition and Disposition
Acquisition costs															100
General and Administrative Expense \| San Antonio Center
Business Acquisition and Disposition
Acquisition costs																1,100			$ 1,800
General and Administrative Expense \| CocoWalk
Business Acquisition and Disposition
Acquisition costs																1,100
General and Administrative Expense \| The Shops at Sunset Place
Business Acquisition and Disposition
Acquisition costs																$ 900
CocoWalk \| Coconut Grove
Business Acquisition and Disposition
Gain on sale of real estate, net of noncontrolling interests			$ 500
CocoWalk \| Coconut Grove
Business Acquisition and Disposition
Purchase Price		$ 5,900												$ 7,800
Number Of Buildings \| building														8
CocoWalk \| General and Administrative Expense \| Coconut Grove
Business Acquisition and Disposition
Acquisition costs															$ 200
Land \| Pike Seven Plaza
Business Acquisition and Disposition
Purchase Price							$ 5,000
The Grove at Shrewsbury (East)
Business Acquisition and Disposition
Price to acquire noncontrolling interest																				$ 8,800

Real Estate (Assets Held for Sale) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	$ 33,856	$ 0
Assembly Row \| Land
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale	$ 33,900

Mortgage Notes Receivable (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2016

USD ($)

loan

Dec. 31, 2015

USD ($)

loan

Mortgage Notes Receivable [Abstract]

Number of mortgage notes receivable | loan

Carrying amount of mortgage notes receivable | $

$ 29,904

^[1]

$ 41,600

Weighted average interest rate

9.90%

9.00%

[1]	For Federal tax purposes, the aggregate tax basis is approximately $29.9 million as of December 31, 2016.

Real Estate Partnerships (Summarized Operating Results and Financial Position of Partnership) (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Jul. 24, 2014

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

OPERATING RESULTS

Revenue

$ 204,109

$ 201,157

$ 197,981

$ 198,344

$ 192,507

$ 185,252

$ 181,461

$ 184,792

$ 801,591

$ 744,012

$ 686,090

Depreciation and amortization

193,585

174,796

170,814

Interest expense

94,994

92,553

93,941

Net income

59,724

$ 61,198

^[1]

$ 58,898

^[1]

$ 79,063

^[1]

69,998

^[1]

$ 54,550

$ 45,673

^[1]

$ 48,203

258,883

218,424

172,289

ASSETS

Real estate, net

5,029,839

4,490,365

5,029,839

4,490,365

Cash

23,368

21,046

23,368

21,046

47,951

$ 88,927

Total assets

5,423,279

4,896,559

5,423,279

4,896,559

LIABILITIES AND PARTNERS' CAPITAL

Mortgages payable

471,117

481,084

471,117

481,084

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

5,423,279

4,896,559

5,423,279

4,896,559

Our investment in real estate partnership

$ 14,864

41,546

$ 14,864

41,546

Federal Realty Investment Trust/Clarion Partners Partnership

OPERATING RESULTS

Revenue

17,405

18,329

Other operating expenses

5,992

5,948

Depreciation and amortization

4,974

5,678

Interest expense

2,062

2,759

Total expenses

13,028

14,385

Income before gain on sale of real estate

4,377

3,944

Gain on sale of real estate

$ 14,500

14,507

Net income

4,377

18,451

ASSETS

146,906

2,690

5,495

155,091

LIABILITIES AND PARTNERS' CAPITAL

Mortgages payable

34,385

Other liabilities

3,554

Partners’ capital

117,152

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

155,091

Our share of unconsolidated debt

10,316

Our investment in real estate partnership

$ 31,745

31,745

Federal Realty Investment Trust | Federal Realty Investment Trust/Clarion Partners Partnership

OPERATING RESULTS

Gain on sale of real estate

$ 4,400

Our share of net income from real estate partnership before gain on sale of real estate

1,557

1,423

Our share of gain on sale of real estate

$ 0

$ 4,401

[1]

(1)First quarter 2016 includes a $25.7 million gain on change in control of interests from our Clarion Partners acquisition as further discussed in Note 3. Third quarter 2016 includes a $4.9 million gain on sale from the reversal of our warranty reserve on condominiums sold at Santana Row as further discussed in Note 9. Second and fourth quarter 2015 include an $11.5 million and $16.8 million gain on sale, respectively, from our Houston Street and Courtyard Shops properties as further discussed in Note 3.

Real Estate Partnerships (Narrative) (Details) $ in Thousands		12 Months Ended
	Jul. 24, 2014 USD ($)	Dec. 31, 2015 USD ($) property	Dec. 31, 2014 USD ($)	Dec. 31, 2016 project	Jan. 13, 2016 property
Schedule of Equity Method Investments [Line Items]
Number of real estate properties \| project				96
Federal Realty Investment Trust/Clarion Partners Partnership
Schedule of Equity Method Investments [Line Items]
Number of real estate properties \| property		6
Repayments of mortgage loans			$ 22,400
Capital contributions from partners			22,400
Sales price	$ 34,300
Gain on sale of real estate	14,500	$ 0	14,507
Gain on sale of portfolio	32,800
Clarion \| Federal Realty Investment Trust/Clarion Partners Partnership
Schedule of Equity Method Investments [Line Items]
Ownership percentage in partnership		70.00%
Federal Realty Investment Trust \| Federal Realty Investment Trust/Clarion Partners Partnership
Schedule of Equity Method Investments [Line Items]
Ownership percentage in partnership		30.00%
Capital contribution to repay mortgage loan			$ 6,700
Gain on sale of real estate	4,400
Gain on sale of portfolio	$ 10,400
Clarion
Schedule of Equity Method Investments [Line Items]
Ownership percentage in partnership					70.00%
Number of real estate properties \| property					6

Acquired In-Place Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Acquired In-Place Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Acquired Finite-Lived Intangible Assets [Line Items]
Balance of acquired below market leases	$ 138,300	$ 133,400
Accumulated amortization of below market leases	48,900	40,700
Amortization from acquired below market lease	8,500	7,100	$ 5,800
Below Market Leases
2017	7,538
2018	6,345
2019	5,951
2020	4,993
2021	4,377
Thereafter	60,122
Total future amortization expense from acquired below market leases	89,326
Above Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Balance of acquired above market leases	45,300	39,400
Accumulated amortization of acquired above market leases	28,100	22,900
Amortization from acquired above market leases	$ 6,700	$ 4,400	$ 3,400
Weighted-average amortization period	4 years 8 months
Above Market Leases
2017	$ 4,468
2018	3,013
2019	1,718
2020	1,356
2021	1,136
Thereafter	5,551
Total future amortization expense from acquired above market leases	$ 17,242
Below Market Lease
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period	19 years 6 months

Debt (Summary Of Debt Outstanding) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jul. 12, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Mortgages payable	$ 471,117		$ 481,084
Notes payable	279,151		341,961
Net unamortized debt issuance costs	(1,096)		(1,639)
Senior notes and debentures	1,976,594		1,732,551
Capital lease obligations	71,590		71,620
Total debt and capital lease obligations	2,798,452		2,627,216
Mortgages Payable
Debt Instrument [Line Items]
Principal balance	466,305		471,994
Net unamortized (discount)/premium and debt issuance costs	4,812		9,090
Notes Payable
Debt Instrument [Line Items]
Notes payable	280,247		343,600
Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	1,994,200		1,744,200
Net unamortized (discount)/premium and debt issuance costs	(17,606)		(11,649)
Plaza El Segundo \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 175,000		175,000
Interest rate	6.33%
The Grove at Shrewsbury (East) \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 42,536		43,557
Interest rate	5.82%
The Grove at Shrewsbury (West) \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 10,792		11,024
Interest rate	6.38%
Rollingwood Apartments \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 21,283		21,716
Interest rate	5.54%
The Shops at Sunset Place \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 68,634		70,542
Interest rate	5.624%
29th Place \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 4,553		4,753
Interest rate	5.91%
THE AVENUE at White Marsh \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 52,705		52,705
Interest rate	3.35%
Montrose Crossing \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 72,726		74,329
Interest rate	4.20%
Brook 35 \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 11,500		11,500
Interest rate	4.65%
Chelsea \| Mortgages Payable
Debt Instrument [Line Items]
Principal balance	$ 6,576		6,868
Interest rate	5.36%
Escondido Promenade \| Notes Payable
Debt Instrument [Line Items]
Municipal bond	$ 0		9,400
Revolving credit facility \| Notes Payable
Debt Instrument [Line Items]
Revolving credit facility	0		53,500
Term Loan \| Notes Payable
Debt Instrument [Line Items]
Other Notes Payable	$ 275,000		275,000
Various \| Notes Payable
Debt Instrument [Line Items]
Interest rate	11.31%
Other Notes Payable	$ 5,247		5,700
5.90% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 150,000		150,000
Interest rate	5.90%
2.55% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 250,000		250,000
Interest rate	2.55%
3.00% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 250,000		250,000
Interest rate	3.00%
2.75% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 275,000		275,000
Interest rate	2.75%
3.95% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 300,000		300,000
Interest rate	3.95%
7.48% debentures \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 29,200		29,200
Interest rate	7.48%
6.82% medium term notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 40,000		40,000
Interest rate	6.82%
4.50% notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 450,000		450,000
Interest rate	4.50%
3.625% Senior notes \| Senior Notes and Debentures
Debt Instrument [Line Items]
Principal balance	$ 250,000	$ 250,000	$ 0
Interest rate	3.625%	3.625%

Debt (Narrative) (Details) - USD ($) $ in Thousands					12 Months Ended
Debt (Narrative) (Details) - USD ($) $ in Thousands	Oct. 01, 2016	Jul. 12, 2016	Apr. 20, 2016	Jan. 13, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2016
Debt Instrument [Line Items]
Mortgage loans assumed with acquisition					$ 34,385	$ 89,516	$ 68,282
Maximum amount of borrowings outstanding					251,500	324,000	79,500
Weighted average amount of borrowings outstanding					$ 77,300	$ 109,700	$ 12,500
Weighted average interest rate before amortization of debt fees					1.30%	1.10%	1.10%
Maximum outstanding under revolving credit facility			$ 800,000		$ 800,000			$ 600,000
Basis points spread on line of credit facility			0.825%
Line of credit facility, option to increase amount			$ 1,500,000
Line of credit facility, annual facility fee					1,000
Issuance of senior notes, net of costs					241,795	$ 456,151	$ 244,579
Senior Notes
Debt Instrument [Line Items]
Principal balance					1,994,200	1,744,200
Revolving credit facility \| Notes Payable
Debt Instrument [Line Items]
Revolving credit facility					0	53,500
3.625% Senior notes \| Senior Notes
Debt Instrument [Line Items]
Principal balance		$ 250,000			$ 250,000	$ 0
Interest rate		3.625%			3.625%
Note Offering Percent		97.756%
Debt yield to maturity percent		3.75%
Issuance of senior notes, net of costs		$ 241,800
Escondido Promenade \| Municipal Bonds
Debt Instrument [Line Items]
Repayment of municipal bond	$ 9,400
Clarion
Debt Instrument [Line Items]
Ownership percentage in partnership				70.00%
Mortgage loans assumed with acquisition				$ 34,400
Clarion \| Mortgages
Debt Instrument [Line Items]
Mortgage loans assumed with acquisition				34,400
Fair value of mortgage loan				$ 34,700
Debt, Weighted Average Interest Rate				5.954%

Debt (Principal Payments On Mortgage Payable, Notes Payable, Senior Notes and Debentures) (Details) - USD ($)
$ in Thousands

Dec. 31, 2016

Dec. 31, 2015

Debt Instrument [Line Items]

$ 222,907

290,990

25,573

215,316

256,684

1,729,282

^[1]

2,740,752

Mortgages Payable

Debt Instrument [Line Items]

Principal balance

466,305

$ 471,994

222,445

15,477

25,006

64,687

5,984

132,706

466,305

Debt Instrument [Line Items]

2017

462

2018

^[2]

275,513

2019

567

2020

^[3]

629

2021

700

Thereafter

2,376

Long-term debt

280,247

Senior Notes and Debentures

Debt Instrument [Line Items]

Principal balance

1,994,200

1,744,200

150,000

250,000

1,594,200

1,994,200

Revolving credit facility | Notes Payable

Debt Instrument [Line Items]

Revolving credit facility

53,500

Term Loan | Notes Payable

Debt Instrument [Line Items]

Other Notes Payable

$ 275,000

[1]	The total debt maturities differ from the total reported on the consolidated balance sheet as of December 31, 2016 due to the unamortized premium/(discount) and debt issuance costs on certain mortgages payable, notes payable, and senior notes.
[2]	Our $275.0 million unsecured term loan matures on November 21, 2018, subject to a one-year extension at our option.
[3]	Our $800.0 million revolving credit facility matures on April 20, 2020, subject to two six-month extensions at our option. As of December 31, 2016, there was no outstanding balance under this credit facility.

Debt (Future Minimum Lease Payments) (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Debt Disclosure [Abstract]
2017	$ 5,797
2018	5,800
2019	5,800
2020	5,800
2021	5,800
Thereafter	148,235
Future minimum lease payments	177,232
Less amount representing interest	(105,642)
Present value	$ 71,590

Fair Value Of Financial Instruments (Summary Of Carrying Amount And Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Mortgages payable and notes payable \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 750,268	$ 823,045
Mortgages payable and notes payable \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	760,260	833,931
Senior notes and debentures \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	1,976,594	1,732,551
Senior notes and debentures \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of long-term debt	$ 2,015,973	$ 1,786,758

Fair Value Of Financial Instruments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($) agreement	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive income (loss) - change in value of interest rate swaps	$ 1,533	$ (595)	$ (2,098)
Interest expense reclassified from other comprehensive loss	3,500	4,300
Interest Rate Swap \| Term loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Term loan	$ 275,000
Interest rate of variable portion of term loan	1.72%
Fair Value, Measurements, Recurring \| Accounts payable and accrued expenses
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair value of interest rate swaps	$ 2,600	4,100
Fair Value, Measurements, Recurring \| Interest Rate Swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Number of interest rate swap agreements \| agreement	2
Notional amount of interest rate swap agreements	$ 275,000
Fair value of interest rate swaps	2,577	4,110
Accumulated other comprehensive income (loss)
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Other comprehensive income (loss) - change in value of interest rate swaps	$ 1,533	$ (595)	$ (2,098)

Fair Value Of Financial Instruments (Summary of Financial Liabilities Measured At Fair Value On A Recurring Basis) (Details) - Interest Rate Swap - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of interest rate swaps	$ 2,577	$ 4,110
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of interest rate swaps	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of interest rate swaps	2,577	4,110
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value of interest rate swaps	$ 0	$ 0

Commitments and Contingencies (Details) $ in Thousands			3 Months Ended	12 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Feb. 12, 2016 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2016 USD ($)	Dec. 31, 2016 USD ($) shares	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2025 USD ($)	Oct. 16, 2023 USD ($)	Sep. 30, 2023 USD ($)	Oct. 16, 2021 USD ($)	Jan. 01, 2018 USD ($)	Jan. 01, 2017
Loss Contingencies [Line Items]
Litigation Settlement, Amount		$ 22,000
Loss Contingency, Number of Defendants				600
Reserves for warranties and general liability		$ 7,700		$ 2,800	$ 7,700
Payments from reserves				2,000	1,800
Letters of credit outstanding, amount				$ 1,300
DownREIT operating partnership units, outstanding \| shares				763,797
Operating partnership units outstanding, fair value				$ 108,500
Redemption of redeemable noncontrolling interests				13,018	$ 0	$ 0
Minimum
Loss Contingencies [Line Items]
Potential loss related to class action lawsuit				0
Maximum
Loss Contingencies [Line Items]
Potential loss related to class action lawsuit				$ 22,000
Congressional Plaza \| Put Option
Loss Contingencies [Line Items]
Maximum partnership percentage required to purchase				100.00%
Indexed ownership interest percentage				29.47%
Congressional Plaza \| Put Option \| Minimum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option				$ 89,000
Congressional Plaza \| Put Option \| Maximum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option				93,000
Montrose Crossing \| Minimum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option				9,000
Montrose Crossing \| Maximum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option				$ 10,000
Montrose Crossing \| Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage				10.10%
Plaza El Segundo \| Minimum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option				$ 21,000
Plaza El Segundo \| Maximum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option				$ 24,000
Plaza El Segundo \| Put Option
Loss Contingencies [Line Items]
Number of members with purchase options				2
Grove at Shrewsbury and Brook 35 \| Minimum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option				$ 10,000
Grove at Shrewsbury and Brook 35 \| Maximum
Loss Contingencies [Line Items]
Estimated maximum liability upon exercise of the put option				11,000
Galaxy/Hollywood
Loss Contingencies [Line Items]
Noncontrolling interest percent acquired	10.00%
Redemption of redeemable noncontrolling interests	$ 13,000
Ownership interest	100.00%
Scenario, Forecast \| Mercer Mall
Loss Contingencies [Line Items]
Purchase price under option									$ 55,000
Scenario, Forecast \| Mercer Mall \| Put Option
Loss Contingencies [Line Items]
Purchase price under option							$ 60,000
Scenario, Forecast \| Plaza El Segundo \| Maximum
Loss Contingencies [Line Items]
Purchase price under option											$ 4,900
Scenario, Forecast \| The Grove at Shrewsbury \| Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage												4.80%
Scenario, Forecast \| Brook 35 \| Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage												8.80%
Scenario, Forecast \| Melville Mall
Loss Contingencies [Line Items]
Purchase price under option								$ 5,000		$ 5,000
Capital improvement, development, and redevelopment projects
Loss Contingencies [Line Items]
Contractual obligations				$ 445,300
Member One In Plaza El Segundo \| Plaza El Segundo \| Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage				10.00%
Member Two In Plaza El Segundo \| Plaza El Segundo \| Put Option
Loss Contingencies [Line Items]
Indexed ownership interest percentage				11.80%
Santana Row \| gain on sale of real estate
Loss Contingencies [Line Items]
Reversal of warranty reserve			$ 4,900	$ 4,900

Commitments and Contingencies (Schedule of Lease Payments) (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2017	$ 2,070
2018	3,021
2019	3,174
2020	3,187
2021	3,195
Thereafter	170,698
Total	$ 185,345

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 07, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Nov. 04, 2016
Class of Stock [Line Items]
Shares issued under dividend reinvestment plan (in shares)		15,619	16,524	18,705
Preferred shares, shares outstanding		399,896	399,896	399,896
Series 1 Cumulative Convertible Preferred interest rate		5.417%	5.417%	5.417%
Preferred shares, liquidation preference per share		$ 25	$ 25	$ 25
Preferred shares, par value		0.01	$ 0.01	$ 0.01
Conversion price per share		$ 104.69
Net cash proceeds of common stock		$ 329,103	$ 110,855	$ 216,155
Public Equity Offering
Class of Stock [Line Items]
Common shares issued	1,000,000
Price per share	$ 149.43
Net cash proceeds of common stock	$ 149,300
At The Market Equity Program
Class of Stock [Line Items]
Common shares issued		1,156,571	813,414
Net cash proceeds of common stock		$ 174,800	$ 108,500
Aggregate offering price of common shares					$ 400,000
Weighted average price per common share		$ 152.92	$ 135.01
Remaining capacity to issue		$ 370,900
At The Market Equity Program \| Commissions
Class of Stock [Line Items]
Commissions related to sales of common shares		1,800	$ 1,100
At The Market Equity Program \| Other Offering Costs
Class of Stock [Line Items]
Commissions related to sales of common shares		$ 200	$ 200

Dividends (Details) - $ / shares		12 Months Ended
Dividends (Details) - $ / shares	Nov. 02, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Dividends [Abstract]
Series 1 Cumulative Convertible Preferred interest rate		5.417%	5.417%	5.417%
Common shares, declared	$ 0.98	$ 3.840	$ 3.620	$ 3.300
5.417% Series 1 Cumulative Convertible Preferred shares, declared		1.354	1.354	1.354
Common shares, paid		3.800	3.550	3.210
5.417% Series 1 Cumulative Convertible Preferred shares, paid		1.354	1.354	1.354
Common shares, ordinary dividend		3.800	3.515	3.178
Common shares, capital gain		0.000	0.035	0.032
5.417% Series 1 Cumulative Convertible Preferred shares, ordinary dividend		1.354	1.340	1.340
5.417% Series 1 Cumulative Convertible Preferred shares, capital gain		$ 0.000	$ 0.014	$ 0.014
Common Stock, Ordinary Dividends, Tax Rate		15.00%	15.00%	15.00%
Preferred Stock, Ordinary Dividends, Tax Rate		15.00%	15.00%	15.00%

Operating Leases (Details) $ in Thousands	12 Months Ended
Operating Leases (Details) $ in Thousands	Dec. 31, 2016 USD ($) project lease state
Property Subject to or Available for Operating Lease [Line Items]
Number of real estate properties \| project	96
Number of states in which entity has properties \| state	12
Number of leases \| lease	2,900
Percent of annualized base rent	3.06%
Operating Leases, Future Minimum Payments Receivable [Abstract]
2017	$ 542,941
2018	488,668
2019	427,595
2020	365,231
2021	297,953
Thereafter	1,681,024
Total	$ 3,803,412
Retail and commercial \| Minimum
Property Subject to or Available for Operating Lease [Line Items]
Operating lease, term	3 years
Retail and commercial \| Maximum
Property Subject to or Available for Operating Lease [Line Items]
Operating lease, term	10 years
Residential \| Maximum
Property Subject to or Available for Operating Lease [Line Items]
Operating lease, term	1 year

Components of Rental Income and Expense (Schedule Of Principal Components Of Rental Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Leases, Income Statement, Lease Revenue [Abstract]
Cost reimbursement	$ 158,042	$ 148,110	$ 135,592
Percentage rent	10,977	11,911	10,169
Other	18,547	15,169	11,860
Rental Income	786,583	727,812	666,322
Retail and commercial
Operating Leases, Income Statement, Lease Revenue [Abstract]
Minimum rents	549,552	509,825	472,602
Residential
Operating Leases, Income Statement, Lease Revenue [Abstract]
Minimum rents	$ 49,465	$ 42,797	$ 36,099

Components of Rental Income and Expense (Schedule Of Minimum Rent) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Components Of Rental Income and Expense [Abstract]
Straight-line rents	$ 8.1	$ 7.6	$ 5.1
Net amortization of above and below market leases	$ 1.8	$ 2.7	$ 2.4

Components of Rental Income and Expense (Components Of Rental Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Components Of Rental Income and Expense [Abstract]
Repairs and maintenance	$ 64,942	$ 62,420	$ 55,444
Utilities	24,968	23,003	20,499
Management fees and costs	20,823	18,639	17,416
Payroll	13,832	12,673	11,554
Marketing	8,520	9,046	9,532
Insurance	7,758	7,875	6,462
Ground rent	2,561	2,540	1,952
Bad debt expense	2,375	1,168	2,021
Other operating	12,547	10,229	10,537
Total rental expenses	$ 158,326	$ 147,593	$ 135,417

Share-Based Compensation Plans (Allocated Share-Based Compensation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Share-based compensation incurred	$ 11,227	$ 12,074	$ 12,941
Capitalized share-based compensation	(1,310)	(868)	(1,188)
Share-based compensation expense	$ 9,917	$ 11,206	$ 11,753

Share-Based Compensation Plans (Weighted Average Assumptions Used to Value Option Granted in 2016) (Details)	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Volatility	18.80%
Expected dividend yield	2.80%
Expected term (in years)	6 years
Risk free interest rate	1.50%

Share-Based Compensation Plans (Schedule of Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at the beginning of year (in shares)	313,802
Granted (in shares)	682	0	0
Exercised (in shares)	(55,365)
Forfeited or expired (in shares)	0
Outstanding at the end of year (in shares)	259,119	313,802
Exercisable at the end of year (in shares)	258,437
Outstanding at the beginning of year, Weighted-Average Exercise Price (in dollars per share)	$ 60.93
Granted, Weighted-Average Exercise Price (in dollars per share)	152.34
Exercised, Weighted-Average Exercise Price (in dollars per share)	82.03
Forfeited or Expired, Weighted-Average Exercise Price (in dollars per share)	0.00
Outstanding at the end of year, Weighted-Average Exercise Price (in dollars per share)	56.66	$ 60.93
Exercisable at the end of the year, Weighted-Average Exercise Price (in dollars per share)	$ 56.41
Outstanding at the end of year, Weighted-Average Remaining Contractual Term (in years)	1 year 8 months
Exercisable at the end of year, Weighted-Average Remaining Contractual Term (in years)	1 year 8 months
Outstanding at the end of year, Aggregate Intrinsic Value	$ 22,148
Exercisable at the end of year, Aggregate Intrinsic Value	$ 22,148

Share-Based Compensation Plans (Restricted Share Activity) (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at the beginning of year (in shares)	177,214
Granted (in shares)	153,450
Vested (in shares)	(94,774)
Forfeited (in shares)	(18,537)
Unvested at the end of year (in shares)	217,353	177,214
Unvested at the beginning of year, Weighted-Average Grant-Date Fair Value (in dollars per share)	$ 118.68
Granted, Weighted-Average Grant-Date Fair Value (in dollars per share)	152.70	$ 141.08	$ 111.45
Vested, Weighted-Average Grant-Date Fair Value (in dollars per share)	116.62
Forfeited, Weighted-Average Grant-Date Fair Value (in dollars per share)	129.08
Unvested at the end of year, Weighted-Average Grant-Date Fair Value (in dollars per share)	$ 142.70	$ 118.68

Share-Based Compensation Plans (Common Shares Awarded Under Various Compensation Plans) (Details) - Restricted Stock - shares			12 Months Ended
	Feb. 07, 2017	Jan. 03, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			153,450
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	101,009	4,751
Subsequent Event \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Term	3 years
Subsequent Event \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Term	4 years

Share-Based Compensation Plans (Narrative) (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($) plans $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2014 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based compensation plans \| plans	2
Number of options granted in period \| shares	682	0	0
Weighted average grant date fair value of options granted \| $ / shares	$ 19.52
Total cash received from options exercised	$ 4.5	$ 2.0	$ 2.3
Total intrinsic value of options exercised	4.2	$ 2.1	$ 1.1
Total unrecognized compensation cost related to unvested share-based compensation arrangements	$ 15.0
Period for recognition (in years)	7 years 5 months
Weighted-average period for recognition	2 years 6 months
Performance Incentive Plan 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized \| shares	2,450,000
Long Term Incentive Plan 2001
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized \| shares	3,250,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value of stock awarded \| $ / shares	$ 152.70	$ 141.08	$ 111.45
Total vesting-date fair value of shares vested during the year	$ 13.8	$ 26.1	$ 12.1
Grants of common shares and options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Term	3 years
Grants of common shares and options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Term	7 years
Employee stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term (in years)	10 years

Savings and Retirement Plans (Details) - USD ($)	12 Months Ended
Savings and Retirement Plans (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Pension Plan
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Maximum annual contribution per employee	$ 18,000	$ 18,000	$ 17,500
Employer match as a percent	50.00%	50.00%	50.00%
Employer contribution expense	$ 602,000	$ 504,000	$ 442,000
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Liability to participants	$ 10,500,000	$ 9,700,000
Maximum \| Pension Plan
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Maximum of employer match as a percentage of employee eligible earnings	5.00%	5.00%	5.00%

Earnings Per Share (Narrative) (Details) - shares	12 Months Ended
Earnings Per Share (Narrative) (Details) - shares	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share Narrative [Line Items]
Weighted average unvested shares outstanding	200,000	200,000	300,000
Anti-dilutive stock options excluded from dilutive earnings per share calculation	0	0	0
Cumulative convertible preferred share, dividend rate	5.417%	5.417%	5.417%
5.417% Series 1 Cumulative Convertible Preferred Shares
Earnings Per Share Narrative [Line Items]
Cumulative convertible preferred share, dividend rate	5.417%	5.417%	5.417%

Earnings Per Share (Schedule Of Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2016

Sep. 30, 2016

^[1]

Jun. 30, 2016

^[1]

Mar. 31, 2016

^[1]

Dec. 31, 2015

^[1]

Sep. 30, 2015

Jun. 30, 2015

^[1]

Mar. 31, 2015

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Earnings Per Share [Abstract]

Income from continuing operations

$ 226,425

$ 190,094

$ 167,888

Less: Preferred share dividends

(541)

Less: Income from continuing operations attributable to noncontrolling interests

7,648

8,205

7,754

Less: Earnings allocated to unvested shares

(702)

(797)

(1,003)

Income from continuing operations available for common shareholders

217,534

180,551

158,590

Gain on sale of real estate and change in control of interests, net

31,133

28,330

4,401

Net income available for common shareholders, basic and diluted

$ 248,667

$ 208,881

$ 162,991

Weighted average common shares outstanding—basic

70,877

68,797

67,322

Stock options

172

184

170

Weighted average common shares outstanding—diluted

71,049

68,981

67,492

Continuing operations

$ 3.07

$ 2.63

$ 2.35

Gain on sale of real estate and change in control of interests, net

0.44

0.41

0.07

EARNINGS PER COMMON SHARE, BASIC

$ 0.81

$ 0.82

$ 0.79

$ 1.10

$ 0.98

$ 0.75

$ 0.63

$ 0.67

3.51

3.04

2.42

Continuing operations

3.06

2.62

2.34

Gain on sale of real estate and change in control of interests, net

0.44

0.41

0.07

EARNINGS PER COMMON SHARE, DILUTED

$ 0.80

$ 0.82

$ 0.78

$ 1.10

$ 0.97

$ 0.75

$ 0.63

$ 0.67

$ 3.50

$ 3.03

$ 2.41

Income from continuing operations attributable to the Trust

$ 218,777

$ 181,889

$ 160,134

[1]

Selected Quarterly Financial Data (Unaudited) Summary Of Quarterly Financial Data (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Revenue

$ 204,109

$ 201,157

$ 197,981

$ 198,344

$ 192,507

$ 185,252

$ 181,461

$ 184,792

$ 801,591

$ 744,012

$ 686,090

Operating income

83,477

80,461

80,135

76,922

75,914

75,917

76,201

72,122

320,995

300,154

271,037

Net income

59,724

61,198

^[1]

58,898

^[1]

79,063

^[1]

69,998

^[1]

54,550

45,673

^[1]

48,203

258,883

218,424

172,289

NET INCOME ATTRIBUTABLE TO THE TRUST

58,037

58,977

^[1]

55,941

^[1]

76,955

^[1]

67,954

^[1]

52,447

43,632

^[1]

46,186

249,910

210,219

164,535

Net income available for common shareholders

$ 57,902

$ 58,841

^[1]

$ 55,806

^[1]

$ 76,820

^[1]

$ 67,819

^[1]

$ 52,311

$ 43,497

^[1]

$ 46,051

$ 249,369

$ 209,678

$ 163,994

Earnings per common share-basic

$ 0.81

$ 0.82

^[1]

$ 0.79

^[1]

$ 1.10

^[1]

$ 0.98

^[1]

$ 0.75

$ 0.63

^[1]

$ 0.67

$ 3.51

$ 3.04

$ 2.42

Earnings per common share-diluted

$ 0.80

$ 0.82

^[1]

$ 0.78

^[1]

$ 1.10

^[1]

$ 0.97

^[1]

$ 0.75

$ 0.63

^[1]

$ 0.67

$ 3.50

$ 3.03

$ 2.41

[1]

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ in Millions					3 Months Ended				12 Months Ended
	May 12, 2016	Jan. 13, 2016	Nov. 19, 2015	Apr. 24, 2015	Sep. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2016
Coconut Grove \| CocoWalk
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of real estate, net of noncontrolling interests	$ 0.5
Houston Street
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of real estate				$ 11.5				$ 11.5
Courtyard Shops
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of real estate			$ 16.8				$ 16.8
gain on sale of real estate \| Santana Row
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reversal of warranty reserve					$ 4.9				$ 4.9
Clarion
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on acquisition of controlling interest		$ 25.7				$ 25.7

Subsequent Event (Details) $ in Millions	Feb. 01, 2017 USD ($) ft²	Jan. 12, 2017 USD ($) shares	Jan. 09, 2015 ft²
Remaining outstanding interests in San Antonio Center
Subsequent Event [Line Items]
Square footage of shopping center \| ft²			376,000
Subsequent Event \| Remaining outstanding interests in San Antonio Center
Subsequent Event [Line Items]
Cash paid on purchase option \| $		$ 2.6
Number of downREIT units issued in connection with purchase option \| shares		44,195
Subsequent Event \| Leasehold interest in Hastings Ranch Plaza
Subsequent Event [Line Items]
Square footage of shopping center \| ft²	274,000
Purchase Price \| $	$ 29.5

Schedule III Part II - Summary of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract]
Balance at beginning of year	$ 6,064,406	$ 5,608,998	$ 5,149,463
Acquisitions	229,296	291,726	174,328
Improvements	483,932	281,471	329,674
Deduction during period—dispositions and retirements of property and transfer to joint venture	18,561	117,789	44,467
Balance at end of year	6,759,073	6,064,406	5,608,998
Aggregate cost basis for Federal tax purposes	6,000,000
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at beginning of year	1,574,041	1,467,050	1,350,471
Additions during period—depreciation and amortization expense	173,244	156,513	155,662
Deductions during period—dispositions and retirements of property	18,051	49,522	39,083
Balance at end of year	$ 1,729,234	$ 1,574,041	$ 1,467,050

Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Mortgage Loans on Real Estate [Line Items]

Prior Liens

$ 0

Face Amount of Mortgages

29,904

Carrying Amount of Mortgages

29,904

^[1]

$ 41,600

Principal Amount of Loans Subject to delinquent Principal or Interest

Mortgage Loans on Real Estate, Other Required Disclosures [Abstract]

Aggregate tax basis for Federal tax purposes

29,900

Movement in Mortgage Loans on Real Estate [Roll Forward]

Balance at beginning of year

41,618

50,988

$ 55,155

Issuance of loans

368

Collection and satisfaction of loans

(11,714)

(10,692)

(4,778)

Amortization of discount

954

611

Balance at end of year

29,904

$ 41,618

$ 50,988

Mortgage On Retail Buildings in Philadelphia, PA, Loan One

Mortgage Loans on Real Estate [Line Items]

Prior Liens

Face Amount of Mortgages

20,654

Carrying Amount of Mortgages

^[2]

20,654

Principal Amount of Loans Subject to delinquent Principal or Interest

Mortgage On Retail Buildings in Philadelphia, PA, Loan One | Maximum

Mortgage Loans on Real Estate [Line Items]

Face Amount of Mortgages

$ 25,000

Mortgage On Retail Buildings in Philadelphia, PA, Loan Two

Mortgage Loans on Real Estate [Line Items]

Interest Rate

10.00%

Prior Liens

$ 0

Face Amount of Mortgages

9,250

Carrying Amount of Mortgages

9,250

Principal Amount of Loans Subject to delinquent Principal or Interest

$ 0

Interest Rate One | Mortgage On Retail Buildings in Philadelphia, PA, Loan One

Mortgage Loans on Real Estate [Line Items]

Interest Rate

8.00%

Interest Rate Two | Mortgage On Retail Buildings in Philadelphia, PA, Loan One

Mortgage Loans on Real Estate [Line Items]

Interest Rate

10.00%

[1]	For Federal tax purposes, the aggregate tax basis is approximately $29.9 million as of December 31, 2016.
[2]	This mortgage is available for up to $25.0 million.